Seoul, January 01 (QNA) – South Korea’s exports rose 6.1 percent in 2022 from a year earlier to reach an all-time high, but it suffered the largest ever trade deficit on high global energy prices, the industry ministry said Sunday.
According to data compiled by the ministry, South Korea’s exports stood at US$683.9 billion last year, while imports increased 18.9 percent on-year to $731.2 billion last year, leaving a trade deficit of 47.2 billion dollars.
According to the ministry, the deficit is more than double the previous record deficit of $20.62 billion in 1996, the largest ever since 1956 when the country began compiling trade-related data.
For December, monthly exports fell 9.5 percent on-year to stand at $54.99 billion, extending the losing streak to the third consecutive month. Imports went down 2.4 percent on-year last month to $59.68 billion, and the monthly trade deficit came to $4.69 billion.
Imports have exceeded exports in South Korea since April, and it is the first time since 1997 that the country has suffered a trade deficit for nine months in a row. (QNA)
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