Trade deficit already $15.5 billion by June By Hankyung

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© Reuters. Trade deficit already $15.5 billion by June

From this month to the 20th of this month, the trade balance recorded a deficit of 7.6 billion dollars.

According to the ‘Status of Imports and Exports for June 1-20’ announced by the Korea Customs Service on the 21st, exports during this period amounted to 3,1283 billion dollars and imports were tentatively counted (based on customs) at 38.925 billion dollars. Exports decreased by 3.4% compared to the same period last year.

By item, exports of semiconductors (1.9%), petroleum products (88.3%), and home appliances (2.0%) increased from a year ago. On the other hand, passenger cars (-23.5%), automobile parts (-14.7%), and wireless communication devices (-23.5%) decreased.

Imports increased by 21.1% compared to the same period last year. Crude oil imports increased by 63.8% due to the rise in energy prices such as international oil prices. Coal (155.4%) and gas (30.2%) also increased their imports. Imports of semiconductor manufacturing equipment (-6.5%) and passenger cars (-34.8%) decreased.

The trade balance is expected to be in the red for the third straight month until this month. After recording a loss of $4.742 billion in January, it posted a slight surplus in February and March, but recorded a large deficit again in April ($2.58 billion) and May ($1.71 billion). . The cumulative trade deficit from January 1 to June 20 of this year amounted to $15.469 billion. If this trend continues for the remaining ten days, the trade deficit in the first half of this year will exceed $12.55 billion in the second half of 1996, the largest in history for the first half of the year.

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The International Trade Research Institute of the Korea International Trade Association (KITA) predicted in a report on the same day that the trade deficit this year would be $14.7 billion. Although it is smaller than the deficit in the first half, it is larger than the trade deficit of $13,267.41 million in 2008 during the global financial crisis and the highest since 1996 ($20.6 billion).

By Kang Jin-gyu, staff reporter josep@hankyung.com

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