Business News Asia
South Korea’s Ministry of Trade, Industry, and Energy said on Tuesday (June 1) that South Korea’s exports rose 21.3% in May from a year ago on strong demand for chips and petroleum products. But South Korea still faces a trade deficit due to rising global energy prices.
Exports totaled $61.52 billion in May. This is up from $50.7 billion last year. This was the highest figure for May exports since records began in 1956, with the previous record set a year ago.
May was the 19th straight month that South Korea’s exports continued to expand year on year.
Imports increased 32% year on year to $63.22 billion as global energy prices rose. South Korea, therefore, recorded a trade deficit of $1.71 billion.
The South Korean government reported South Korea’s trade deficit in March based on preliminary information. However, the latest revised data showed a trade surplus of $210 million in March.
South Korea relies largely on imports to meet its energy needs, and the value of the country’s energy imports rose 84.4% year on year to $14.7 billion in May.