Trade Deficit of $3 Billion by the 10th of This Month...Exports Down 15.3%, Imports Down 30.5%

Exports continued to struggle this month. The export decline rate widened compared to the same period last month (-14.7%), and the trade deficit also increased.

The Korea Customs Service announced the 'Export and Import Status from August 1 to 10' on the 11th, containing these details.

Exports amounted to $13.2 billion, down 15.3% compared to the same period last year. Imports were $16.2 billion, decreasing by 30.5%. The trade balance recorded a deficit of $3 billion.

Among the top 10 major items, exports of eight items declined except for passenger cars (27.2%) and ships (182.8%). In particular, exports of semiconductors and petroleum products fell by 18.1% and 37.8%, respectively.

By country, exports to Vietnam increased by 3.7%, while exports to China (-25.9%), the United States (-0.8%), and the European Union (EU, -22.7%) decreased.

Imports decreased by 30.5% compared to the same period last year, with all top 10 major items including semiconductors (-23.6%), crude oil (-45.9%), and passenger cars (-41.8%) declining.

By country, imports from China (-27.9%), the United States (-31.7%), the EU (-13.1%), and Japan (-24.4%) decreased.

(Photo) [Image source=Yonhap News]

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