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S. Korea Logs Trade Deficit for Fourth Month in July

Written: 2022-08-01 10:09:02Updated: 2022-08-01 14:24:17

S. Korea Logs Trade Deficit for Fourth Month in July

Photo : YONHAP News

South Korea logged a trade deficit for the fourth consecutive month in July.

According to data by the Ministry of Trade, Industry and Energy on Monday, the country's exports posted 60-point-seven billion U.S. dollars in July, up nine-point-four percent from a year earlier.

The tally is the largest for any July, surpassing the previous record of 55-point-five billion dollars logged in July of last year. Outbound shipments posted growth for the 21st consecutive month despite monetary tightening measures in major countries.

However, the country posted a trade deficit of four-point-67 billion dollars as imports jumped 21-point-eight percent to 65-point-37 billion dollars during the cited period.

The nation logged a deficit for the fourth straight month since April.

It marks the first time since 2008 that the country suffered a trade deficit for four months in a row.

Exports of seven key items, including semiconductors, petroleum products and autos, increased in July.

Shipments to the U.S., member states of the Association of Southeast Asian Nations and the European Union increased, while exports to China, countries of the Commonwealth of Independent States and Latin America declined.

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