Business News Asia
The South Korean Customs Service (KCS) has reported a trade deficit for the first 20 days of July as imports increased more than exports. This is due to higher energy costs.
According to the report, South Korea’s trade deficit in the July 1-20 period was $8.1 billion. Exports increased 14.5% year-on-year to $37.25 billion in the period.
At the same time, imports increased by 25.4% to $45.35 billion. Imports of crude oil, natural gas and coal, the country’s main energy sources, amounted to $12.9 billion in the first 20 days, almost doubling compared to the same period last year. Imports from Saudi Arabia nearly tripled during the period. At the same time, imports from China and the U.S. increased by double digits.
Exports of semiconductors rose 13.2%, and exports of petroleum products nearly doubled in the first 20 days of July.
Exports of motor vehicles and motor vehicle parts increased by double digits. However, exports of mobile equipment and computers decreased by double digits.
Exports to the United States and the European Union (EU) rose 19.7% and 18.1%, respectively, while exports to China, South Korea’s largest trading partner, fell 2.5% in the first 20 days of the month.