Despite Record April Exports of $57.7 Billion... Trade Balance Shows $2.6 Billion Deficit (Comprehensive)

Exports Show Positive Growth for 18 Consecutive Months
Energy Price Surge Leads to 18.6% Increase in Import Value

[Asia Economy Sejong=Reporter Dongwoo Lee] Despite recording the highest export value ever for April, the trade deficit continued for the second consecutive month.

According to the 'April 2022 Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, South Korea's export value last month was $57.69 billion, an increase of 12.6% compared to the same month last year, achieving the highest monthly export record ever.

Exports have grown positively for 18 consecutive months since November 2020, and the cumulative export value up to April this year surpassed $200 billion for the first time in history.

Main items included semiconductors (export growth rate 15.8%), petrochemicals (6.8%), steel (21.1%), petroleum products (68.8%), computers (56.4%), and bio (14.2%), which led the export growth trend.

By region, exports to the three major markets including the United States, European Union (EU), ASEAN, and India recorded the highest April export values ever. Exports to the CIS (Commonwealth of Independent States) and China decreased due to the Ukraine crisis and lockdowns in Chinese cities.

On the other hand, imports during the same period increased by 18.6% compared to the same month last year, reaching $60.35 billion. This exceeded $60 billion due to the global surge in energy and raw material prices and increased demand for intermediate goods following export growth.

Energy imports of crude oil, gas, and coal led the import increase, rising by $7.09 billion from $7.72 billion in the same month last year to $14.81 billion. Imports of intermediate goods such as semiconductors also increased significantly following export growth. The import growth rates by item surged: crude oil 63.4%, gas 516.0%, coal 251.0%, aluminum 41.7%, etc.

Accordingly, the trade balance recorded a deficit of $2.66 billion, marking a deficit for two consecutive months following last month.

An official from the Ministry of Trade, Industry and Energy said, "Despite the expansion of external uncertainties such as the Ukraine crisis and the resurgence of COVID-19 in China, as well as the base effect from last year, exports have maintained double-digit growth for 1 year and 2 months since March last year."

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