Korea's Trade Deficit Tops $10 Billion Already This Month

  • By Jung Seok-woo

    January 25, 2023 12:14

    Korea's trade deficit already surpassed US$10 billion in the first 20 days of this year as exports continue to shrink, particularly of microchips to China.
    The Korea Customs Service on Tuesday said exports fell 2.7 percent from a year ago to just $33.62 billion between Jan. 1 and 20, but imports jumped 9.3 percent to $43.89 billion. That resulted in a trade deficit of $10.26 billion, already surpassing the monthly record of $9.44 billion last August.
    Exports of semiconductors plummeted 34 percent from a year ago as China's economic slowdown decreases demand for DRAM and NAND flash memory chips. The decline in demand has been going on for six consecutive months.
    Korea's trade deficit with China, the top export destination, is likely to widen this year. It rose to $3.24 billion in the first 20 days of this month, up 2.6 times compared to last October. Shipments of intermediate goods like chemicals and mobile phone parts to China also fell 24.4 percent.
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