The trade balance also recorded a deficit last month, continuing the deficit for the sixth straight month.
The deficit for six consecutive months is the first in 25 years since the Asian financial crisis.
Reporter Park Hong-goo reports.
The trade deficit that started in April has continued for six consecutive months.
From January 1995 to May 1997, the trade deficit has never lasted more than six months in over 25 years.
However, due to sluggish exports due to the global economic slowdown and an increase in energy imports after the Ukraine war, the period of the trade deficit is getting longer.
Last month, exports increased by 2.8% compared to a year ago, while imports increased by 18.6%, resulting in a trade deficit of $3.77 billion.
The main reason for the increase in income is the surge in energy prices.
Last month, energy imports such as oil, gas, and coal alone reached $18 billion, almost doubling from the previous year.
The increase in imports from the three major energy sources more than doubled the trade deficit.
[이정환 / 한양대 경제금융학부 교수 : 수요도 겨울에 대비해서 많이 늘어난 상태고 가격 역시 지정학적 요인, 운송비 인상 요인 때문에 많이 오른 상태고 천연가스도 불안한 가격 때문에 특히 더 많이 사는 경향이 발생하면서….]
Exports fell 5.7% in semiconductors, the largest export item, and 15% in petrochemicals.
Steel exports also fell for the first time in 21 months following typhoon damage.
The cumulative trade deficit through September was $29.9 billion, surpassing the record for the largest deficit recorded in 1996.
However, the size of the trade deficit has fallen significantly from 9.47 billion dollars in August, and the trade balance with China has turned into a surplus for the first time in five months.
The Ministry of Trade, Industry and Energy has found that improving the trade balance will not be easy as the export growth rate will be low for the time being and energy prices will continue to soar.
This is YTN Park Hong-goo.
YTN Park Hong-gu ([email protected])
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