Finance minister Choo Kyung-ho has said the nation’s latest trade deficit was driven by the energy and semiconductor sectors as well as China.

Choo unveiled the stance on Thursday during an emergency meeting of economy-related ministers before vowing to improve the trade balance by enhancing export structures.

The minister said shipments of semiconductors, which account for some 20 percent of the nation’s total exports, have been dropping drastically due to a global economic slowdown while energy imports during winter season continued to rise. 

He also noted that more time is needed to gauge the effects of China’s reopening.

Choo said the government will exert comprehensive efforts to improve exports structures, including diversifying markets, discovering potential export items and strengthening the capacity of the nation’s service exports.

He then called on the National Assembly to approve revisions to the Restriction of Special Taxation Act this month, saying the effort is needed to revitalize corporate investment in strategic industries.