May Trade Deficit $1.71 Billion... Energy Imports Up 84.4% YoY (Update)

Exports last month reached $61.52 billion... Highest May record ever
Imports at $63.22 billion... Trade deficit for 2 consecutive months
High oil prices... Energy imports up 84.4%

Production, Consumption, and Investment All Triple Decline
(Busan=Yonhap News) Reporter Son Hyung-joo = A view of Busan Port Sinsundae Pier on the afternoon of the 31st of last month. In April, production, consumption, and investment recorded a "triple decline" for the first time in 2 years and 2 months since the outbreak of the COVID-19 pandemic. Amid growing concerns over global inflation, rising raw material prices and ongoing supply chain disruptions have further increased worries about economic slowdown. 2022.5.31
handbrother@yna.co.kr
(End)

＜Copyright(c) Yonhap News Agency, Unauthorized reproduction and redistribution prohibited＞

[Asia Economy Sejong=Reporter Lee Junhyung] Last month, export value reached $61.52 billion, setting a new record for the highest export amount in May. However, with energy import costs rising sharply, the trade balance continued to show a deficit for the second consecutive month.

According to the "May Export-Import Trends" announced by the Ministry of Trade, Industry and Energy on the 1st, last month's exports amounted to $61.52 billion, an increase of 21.3% compared to the same period last year. The export value last month exceeded the previous May record ($50.7 billion) by more than $10 billion. This marks the 15th consecutive month of double-digit export growth. Additionally, exports surpassed $60 billion again after two months since March ($63.8 billion).

Major export items also showed strong performance. Exports of 15 key items increased simultaneously for the first time in nine months since last August. Semiconductors (15%), petrochemicals (14%), steel (26.9%), and petroleum products (107.2%) all recorded their highest export values ever for May.

However, the trade balance recorded a deficit of $1.71 billion. This was due to soaring prices not only in energy but also in raw materials, which caused import values to rise accordingly. In fact, prices of the three major energy sources?crude oil (63%), gas (369.2%), and coal (281.8%)?have significantly increased over the past year. Consequently, last month's energy import value was $14.75 billion, up 84.4% compared to the same period last year.

An official from the Ministry of Trade, Industry and Energy stated, "Energy imports such as crude oil and gas have led the increase in imports, impacting the trade deficit. However, recent trade deficits are also occurring in countries with high energy import dependence, such as Japan and France."

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