Korea's Trade Deficit Keeps Swelling

      May 02, 2022 12:56

      Surging global energy prices increased Korea's trade deficit to US$2.66 billion in April, the Ministry of Trade, Industry and Energy said Sunday.

      It was the second month in a row that Korea suffered a trade deficit. Imports of crude oil, gas and coal almost doubled on-year to $14.8 billion.

      Exports grew 12.6 percent on-year to $57.69 billion, but imports soared 18.6 percent to $60.35 billion. The government earlier expected imports to slow down in April as temperatures rose and less heating was needed, but soaring oil prices scuppered those hopes.

      Korea's cumulative trade deficit in the first four months of this year reaches $6.6 billion, the highest in 14 years.

      The government wants to boost exports to offset the deficit but that will not be easy because energy prices are expected to remain high. 

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