Korea's July Trade Deficit Already Sky-High

      July 12, 2022 12:40

      Korea's trade deficit continues to mount dramatically. The Korea Customs Service said Monday that the country suffered a US$5.5 billion trade deficit in the first 10 days of this month alone.

      The trade deficit for the whole of April was $2.47 billion, in May $1.71 billion and in June $2.57 billion. A deficit in July will mean that Korea suffered four straight months of trade deficits for the first time since the global financial crisis.

      Exports grew, but imports increased faster. Exports in the first 10 days of July totaled $15.8 billion, up 4.7 percent on-year. Semiconductor exports rose 10.4 percent, petroleum products 96.7 percent, automobiles 6.1 percent and ships 41.7 percent, but shipments were down for precision machinery (- 20.4 percent), home appliances (- 27.2 percent) and automobile parts (- 14.6 percent).

      Imports jumped 14.1 percent to $21.3 billion, powered mainly by a big rise in crude oil (95.4 percent) and coal (125.8 percent). Import growth has outpaced export growth for 13 months now, and the trade deficit is expected to continue due to soaring raw material prices.

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