Amid soaring raw material and other import prices, the nation's trade deficit this year is forecast to hit a record high of 48 billion dollars.

The outlook was put forth on Sunday by a research institute under the Federation of Korean Industries.

The estimated 48 billion dollars is the highest since the institute began compiling related data in 1964 and around two-point-three times higher than the 20-point-six billion dollars in trade deficit in 1996 before the Asian financial crisis.

The deficit has been on a six-month streak since April, with a cumulative total for the year as of September 20 reaching 29-point-two billion dollars.

The institute's analysis of trade balances between the first quarter of 2020 and the second quarter of 2022 showed that the deficit was exacerbated by soaring import unit prices, despite a surplus in terms of trade volume.

The institute also made the forecast based on variables, such as the rising exchange rate and the weakening prices of semiconductors.