Korea's Trade Deficit Keeps Growing

  • By Hwang Ji-yoon

    November 22, 2022 11:18

    Korea has suffered a cumulative trade deficit of US$39.96 billion so far this year, wallowing in the red since April.
    According to the Korea Customs Service on Monday, Korea's trade deficit rose another $4.42 billion in the first 20 days of this month, although the increase was slightly smaller than a month ago.
    Exports plunged 16.7 percent on-year to $33.2 billion, which makes it likely that they will decline for a second month running in November. They dipped 5.7 percent in October.
    The last time Korea's exports fell for two straight months was from March to August 2020 at the height of the coronavirus pandemic.
    Exports were impacted by slow shipments to China, Korea's biggest trading partner, while semiconductor exports plummeted 29.4 percent amid a slump in the global market.
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