Menu Content
Go Top

Economy

S. Korea Posts Record High Trade Deficit in First Half

Written: 2022-07-01 10:07:01Updated: 2022-07-01 10:40:11

S. Korea Posts Record High Trade Deficit in First Half

Photo : YONHAP News

South Korea logged a record trade deficit in the first half of the year.

According to data by the Ministry of Trade, Industry and Energy on Friday, the country's exports posted 35-point-03 billion U.S. dollars in the first six months of the year, up 15-point-six percent from a year earlier. 

Imports jumped 26-point-two percent to 36-point-06 billion dollars during the cited period, leading the country to post a record high trade deficit of ten-point-three billion dollars. 

It marks the largest trade deficit for the first-half tallies. The previous record was a deficit of nine-point-16 billion dollars tallied in the first half of 1997.

Although exports of 14 key items, including semiconductors, steel and petroleum products increased, the country suffered a trade deficit due to soaring prices of energy and raw materials. In particular, import costs of crude oil and natural gas spiked to 87-point-nine billion dollars in the first half of this year from 41 billion dollars a year ago.  

For the month of June, the nation also posted a trade deficit of two-point-47 billion dollars, posting a deficit for the fourth consecutive month.

Editor's Pick

Close

This website uses cookies and other technology to enhance quality of service. Continuous usage of the website will be considered as giving consent to the application of such technology and the policy of KBS. For further details >