“This year’s trade deficit is projected to be $48 billion… it is likely to be the highest in history.”

  • This year’s trade deficit is forecast to reach an all-time high due to rising import prices.

    The Korea Economic Research Institute predicted that the trade deficit will reach $48 billion this year in the ‘2022 Trade Balance Outlook and Implications’ published today (2nd).

    This is the most since 1964, when trade statistics were compiled, and is 2.3 times the level of $20.62 billion in 1996, just before the financial crisis.

    The trade balance has been in the red for six consecutive months from April to September.

    The Korea Economic Research Institute analyzed that the sharp increase in international raw material prices was mainly due to the increase in import prices.

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