S Korea's trade surplus narrows to $2.75 bln in May

South Korea's trade surplus narrowed to 2.75 billion U.S. dollars in May as imports grew at a faster pace than exports, a government report showed Wednesday.


Trade surplus reached 2.75 billion dollars in May, sharply down from 5.14 billion dollars the previous month, the Ministry of Knowledge Economy said in a statement. Trade balance has been in the black last month for the 16th consecutive month.


Exports grew 23.5 percent on-year to 48.01 billion dollars in May, with imports growing 29.9 percent to 45.26 billion dollars.


Overseas shipments in May were smaller than 49.15 billion dollars the previous month, while last month's imports were larger than 44.02 billion dollars in April.


South Korea's exports kept its on-year expansion in May mainly due to solid demand for oil products and ships, the report showed.


Outbound shipments of refined oil products surged 87 percent on- year in May, with exports of ships and autos jumping 26 percent and 26.5 percent respectively.


Semiconductor exports, however, contracted 5.3 percent on-year last month due to falling chip prices.


Imports growth was attributable to rising commodity prices, according to the ministry. Crude oil imports surged 37.4 percent on-year in May, with imports of coal and natural gas soaring 65.5 percent and 27.4 percent each.
(Source:http://news.xinhuanet.com)