Choo Kyung-ho: "Trade Balance Improves After May... Tax Revenue Gradually Recovers"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 22nd, "After May, the trade deficit will improve, and in the fourth quarter, we will be able to see completely different external performance compared to now."

At the plenary meeting of the National Assembly's Planning and Finance Committee on the same day, Deputy Prime Minister Choo stated, "May will not show a good trade balance situation due to seasonal factors such as the base effect, but the deficit will improve thereafter."

According to the Korea Customs Service, as of the 20th of this month, export value (provisional customs clearance basis) was $32.443 billion, a 16.1% decrease compared to the same period last year. The trade balance showed a deficit of $4.304 billion, and a deficit is likely until the end of this month.

Regarding the recent tax revenue shortage, Deputy Prime Minister Choo explained, "Corporate tax revenue was significantly lower than initially expected, and capital gains tax decreased substantially due to a rapid adjustment in real estate prices, which had been at very high levels."

He added, "It is true that earned income tax and value-added tax are somewhat affected by the economic situation, but after showing a poor performance recently, they are expected to naturally recover as conditions improve."

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