June 1, 2009

S. Korea’s May trade surplus at $5.15B

South Korea Monday reported its trade surplus in May totaled $5.15 billion, lower than April's $5.78 billion.

The May numbers were largely the result of a sharp 40.4 percent decline in imports to $23.1 billion from the same month of last year, Yonhap news agency reported.

May's exports totaled $28.2 billion, down 28.3 percent from the same month of last year.

In exports, shipments of display panels rose 6 percent in May, the only positive sign as exports of ships, mobile communication equipment, semiconductors and autos all declined, the report said.

The May numbers were affected by two fewer working days compared to the previous month, the government said.

A government official said exports were expected to perform better in June.

South Korea's trade surplus in the first five months of this year totaled $14.5 billion.