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“This year’s trade deficit is projected to be $48 billion… the largest since statistics were compiled”

The trade deficit is expected to hit a record high of $48 billion this year, as the trade balance has deteriorated significantly due to steep increases in import prices, including raw materials.

The Korea Economic Research Institute, which is affiliated with the Federation of Korean Industries, predicted this year’s trade deficit in the ‘2022 Trade Balance Outlook and Implications’ published today (2nd).

The $48 billion estimated by the Korea Economic Daily is the most since 1964, when trade statistics were compiled, and is about 2.3 times higher than the $20.6 billion in 1996, just before the financial crisis.

This year, the trade balance has been in the red for six consecutive months until last month, and according to the Ministry of Trade, Industry and Energy, the accumulated trade deficit until September reached $28.88 billion.

#Trade Balance #Deficit Outlook #Import Price_Rise #Korea Economic Research Institute

Yonhap News TV Article Inquiries and Reports: KakaoTalk/Line jebo23

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