Business News Asia
The South Korean Customs Service (KCS) said today that South Korea’s imports rose faster than exports in the first 20 days of April. With oil prices rising, there is a possibility that South Korea will post a trade deficit in April.
South Korea’s exports rose 16.9% year-on-year to $36.3 billion in the April 1-20 period, while imports increased 25.5% to $41.5 billion. This resulted in a trade deficit of $5.2 billion during the period.
If the trend continues, South Korea could post a trade deficit for the second month in a row in April after energy costs soared.
Meanwhile, South Korean exports remained strong, driven by demand for chips and petroleum products. In March, South Korean exports rose 18.2% year-on-year to reach a new record high of $63.48 billion, marking the 17th consecutive month of growth.
However, rising fuel prices caused South Korea’s imports to reach a record $66.2 billion in March. This increased South Korea’s trade deficit to $140 million.