South Korea showing deteriorating trade performance

The Ministry of Trade, Industry and Energy announced on Nov. 1 that South Korea’s exports totaled US$52.4 billion last month, down 5.7 percent year on year. The nation’s exports decreased for the first time since the 3.7 percent decrease in October 2020.

Last month, South Korea’s semiconductor exports dropped 17.4 percent year on year to US$9.23 billion, dipping below US$10 billion in 18 months. In addition, computer, petrochemical, consumer electronics, steel and textile exports fell 37.1 percent, 25.5 percent, 22.3 percent, 20.8 percent and 19.1 percent, respectively. Meanwhile, automobile, rechargeable battery and petroleum product exports increased 28.5 percent, 16.7 percent and 7.6 percent, respectively.

Its imports increased 9.9 percent to US$59.18 billion. Especially, crude oil, gas and coal imports jumped 42.1 percent to US$15.53 billion.

South Korea’s trade deficit was US$6.7 billion last month. It recorded a trade deficit for the seventh consecutive month and the cumulative deficit for January to October amounts to US$35.6 billion, 1.7 times the previous high recorded in 1996.

Its trade deficit with China was US$1.25 billion last month. Its exports to China decreased 15.7 percent whereas its imports from China increased 11.9 percent. It posted a trade deficit with China in May to August and its trade surplus with China was US$680 million in September.

Its trade deficits with Japan, the Middle East and Latin America were US$2.03 billion, US$7.2 billion and US$940 million, respectively. It recorded a trade surplus of US$2.55 billion with the ASEAN.

Source: BusinessKorea