Despite Export Growth... Trade Deficit Widens Due to Soaring Energy Prices Including Crude Oil and LNG

KCS, Export and Import Status from January 1 to 20
Exports Up 22.0% · Imports Up 38.4%
Trade Deficit of $5.631 Billion

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Export value increased by 22% compared to the same period last year through the 20th of this month, continuing the upward trend. However, due to the sharp rise in energy prices such as crude oil and gas, the increase in import value was steeper, resulting in an expanded trade deficit.

According to the Korea Customs Service on the 21st, export value from January 1 to 20 was $34.4 billion, up 22.0% ($6.22 billion) compared to the same period last year.

Considering that the number of working days was 15 days, 0.5 days more than the 14.5 days in the same period last year, the average daily export value increased by 18.0% to $2.3 billion.

By item, compared to the same period last year, exports increased in semiconductors (29.5%), passenger cars (22.8%), petroleum products (84.0%), and home appliances (105.4%), while exports decreased in wireless communication devices (-40.4%) and ships (-61.1%). By country, exports increased to all major countries including China (18.8%), the United States (28.0%), the European Union (EU·15.8%), Vietnam (9.6%), Japan (18.3%), and Taiwan (16.2%).

Import value through the 20th of this month was $40.1 billion, up 38.4% ($11.11 billion) compared to the same period last year.

By major items, imports increased compared to the same period last year in crude oil (96.0%), semiconductors (27.1%), gas (228.7%), and petroleum products (85.7%), while imports of machinery (-0.6%) decreased. By country, imports increased from China (26.6%), the United States (46.9%), the EU (15.4%), Japan (15.8%), Australia (97.3%), and Saudi Arabia (174.5%).

As the import growth rate was steeper than that of exports, the trade balance recorded a deficit of $5.631 billion, expanding by $686 million compared to the period from the 1st to the 10th.

This content was produced with the assistance of AI translation services.