Trade surplus narrows sharply in May

Trade surplus shrank sharply in May from the previous month as imports expanded at a faster clip than exports, a government report showed Wednesday.

The country's trade surplus reached $2.75 billion in May, compared with a $5.14 billion surplus in April, according to the report by the Ministry of Knowledge Economy. Exports rose 23.5 percent on-year to $48.01 billion, with imports rising 29.9 percent to $45.26 billion.

May marks the 16th straight month that the country's trade balance has been in the black. (Yonhap)