Sejong, South Korea posted a trade deficit for the fourth consecutive month in the wake of a noteworthy decline in exports to China as well as the spiraling import prices of raw materials, with the cumulative deficit for the first seven months of the year hitting the highest in 66 years, The Korea Herald news reported.

In particular, the nation recorded all-time high imports in July due to a spike in energy prices, which has worsened the trade balance, state data showed today.

According to the Korean Ministry of Trade, Industry and Energy, the nation suffered a trade deficit of USD 4.6 billion in July. This marked the first time in 14 years that Korea has recorded a trade deficit for four consecutive months. The last time was in 2008, when the global financial crisis hit the nation.

Further, the figure of USD 4.6 billion was the highest among the four monthly deficits between April and July.

While the nation recorded USD 60.7 billion in exports in July, up 9.4 percent compared to the corresponding month of 2021, imports surged by 21.8 percent on-year to hit the record-high of USD 65.3 billion.

On a cumulative basis for the first seven months of 2022, Korea posted a deficit of USD 15.02 billion, marking the worst trade balance for the January-July period since 1956.

Source: Oman News Agency