Korea Customs Service, January 1~20 Import and Export Status
Export 22.0%↑, Import 38.4%↑
Trade deficit $5.631 billion
(data photo) [이미지출처=연합뉴스]
[세종=아시아경제 주상돈 기자] Exports increased by more than 20% from the 1st to 20th of this month compared to a year ago, but the size of the trade deficit widened as imports increased more steeply. It is interpreted as the result of an increase in energy imports as demand for energy such as oil and gas has risen sharply in recent years due to economic recovery and winter season.
According to the Korea Customs Service on the 21st, the trade deficit from January 1 to 20 was $5.631 billion, an increase of $4.897 billion from the same period last year ($734 million). The deficit was $686 million larger than the previous day ($4.945 billion) from the previous day.
The reason the deficit widened is because the increase in imports has been steeper than that of exports this month. Exports from January 1st to 20th were $34.4 billion, up 22.0% ($6.22 billion) from the same period last year. By item, exports of semiconductors (29.5%), passenger cars (22.8%), petroleum products (84.0%) and home appliances (105.4%) increased compared to the same period last year. On the other hand, exports of wireless communication devices (-40.4%) and ships (-61.1%) decreased.
During the same period, the increase in imports was even greater. Imports amounted to $40.1 billion, an increase of 38.4% ($11.11 billion) compared to the same period last year. As for major items, compared to the same period of the previous year, crude oil (96.0%), semiconductors (27.1%), gas (228.7%), and petroleum products (85.7%) increased while imports of machinery (-0.6%) decreased.
An official from the Ministry of Trade, Industry and Energy explained, “The main reason for the increase in imports is the increase in energy imports such as oil and gas.” According to the raw material price information of the Ministry of Industry, Dubai oil rose 22.38% ($15.79) from a month ago to $86.35 per barrel as of the 20th. Liquefied natural gas (LNG) stood at $892.03 per ton as of December last year, up 10.75% ($86.59) from the previous month. In particular, the price of coal for electricity was $217.71 per ton (as of the 14th), up 169.51% ($136.93) from the previous month.
The official said, “The increased energy demand in the economic recovery is acting as a price increase pressure, and energy prices have been abnormally “As a result of this, energy imports have risen sharply and the trade deficit is growing,” he said.
Reporter Joo Sang-don don@asiae.co.kr
