S. Korea’s trade surplus of auto parts on decline
SEOUL-- South Korea's trade surplus of auto parts decreased on-year in the January-May period, data showed Saturday, apparently due to sluggish sales of local vehicles overseas.
According to the data compiled by the Korea International Trade Association, the country's surplus of parts came to US$7.5 billion in the first five months of 2017, down 7.5 percent from a year earlier.
South Korea's exports of auto parts decreased 4.2 percent over the cited period to $9.9 billion, while its import shot up 7.6 percent to reach $2.4 billion, the latest data showed.
The country's export of auto parts has been decreasing since reaching its peak of $27.9 billion in 2014.
Industry watchers said the combined trade surplus of the sector is expected to hover below $20 billion this year for the first time since posting $17.2 billion in 2011.
South Korea imports high-end parts from Japan, the United States and Germany, while bringing in more low-tech products from China, Mexico and Romania.
Source: Yonhap News Agency