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Korea's trade deficit hit a seven-month high in August, exceeding US$3.2 billion. Since early this year, the accumulated trade deficit stood at $11.5 billion, raising fears that the country will run a trade deficit this year for the first time in the 11 years since the financial crisis.
The Knowledge Economy Ministry on Monday said, "In August, the country ran a trade deficit of $3,229 million, exports reaching $37.39 billion and imports $40.62 billion."
Daily average imports in August hit an all-time high of $1.81 billion, up about 47 percent year on year. The trade deficit amount last month also hit a seven-month high since January (W3.93 billion). The country ran a surplus only in May ($852 million) this year but a deficit for the rest of this year. The accumulated trade deficit until August rose to a total of $11.57 billion.
A ministry official promised the recent downward trend of international oil prices will be reflected in the economy beginning this month. ¡°But it is more likely that the country will run an 11-year-high trade deficit considering that it is not easy to run a trade surplus on an annual basis,¡± he added.
The rapid increase in imports in August was attributable to a steep rise in prices of crude oil (up 81 percent year on year), coal (107 percent), oil products (75 percent), and gas (66 percent), and to imports of cars and agricultural products in preparation for Chuseok or Korean Thanksgiving.
(englishnews@chosun.com )
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