June Exports Reach $57.73 Billion... Trade Balance in Deficit for 3 Consecutive Months (1st Report)

June Trade Balance Deficit of $2.47 Billion... First in 14 Years Since Financial Crisis

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Lee Jun-hyung] The trade balance recorded a deficit for three consecutive months. It is the first time in 14 years since the 2008 financial crisis.

According to the 'June Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, exports last month amounted to $57.73 billion, an increase of 5.4% compared to the same period last year. It is the highest export amount for June ever recorded. Imports increased by 19.4% to $60.2 billion. Imports have exceeded $60 billion for four consecutive months recently.

The trade balance, calculated by subtracting imports from exports, recorded a deficit of $2.47 billion. The trade balance has been in deficit for three consecutive months since April. This is the first time the trade balance has recorded a deficit for three consecutive months since the global financial crisis in 2008.

The cumulative trade deficit this year was $10.3 billion. In the first half of this year, imports increased by 26.2% to $360.6 billion compared to the same period last year, while exports only increased by 15.6% to $350.3 billion. The cumulative trade deficit this year has already surpassed the $9.1565 billion deficit recorded in the first half of 1997, just before the foreign exchange crisis. During the 2008 financial crisis, the trade deficit exceeded $10 billion only after August.

An official from the Ministry of Trade said, "The deficit in the first half of the year was caused by a surge in imports due to energy and raw material inflation," adding, "Agricultural products, which showed an increase in imports at high prices, also partially influenced the deficit."

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