Trade deficit of $10.3 billion in the first half, the largest in history

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◀ anchor ▶

Last month, Korea’s exports achieved the best performance ever, but imports also increased significantly due to the surge in international oil and energy prices, resulting in a trade deficit.

The trade deficit for three consecutive months is the first in 14 years since the financial crisis.

Reporter Hong Shin-young reports.

◀ Report ▶

Korea’s exports in June reached $57.73 billion, a new record high in June.

Exports of automobiles and general machinery, which had production and shipment disruptions due to the general strike by the Cargo Solidarity, declined, but semiconductors, petroleum products, and steel recorded the highest performance in June.

However, imports rose to $60.2 billion due to a surge in international oil prices and raw material prices.

In particular, imports of energy such as oil and gas led the increase in imports to $13.73 billion, up $5.34 billion from last year.

As such, the growth rate of imports has exceeded that of exports for the 13th consecutive month.

As a result, the trade balance recorded a deficit for three consecutive months.

It is the first time in 14 years since June 2008, during the financial crisis, that the trade deficit has continued for more than three months.

Until last month, the trade deficit in the first half was $10.3 billion, a new record high in the first half of the year.

This is Shin-Young Hong from MBC News.

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