Korea recorded a trade deficit of 1.7 billion dollars in May of last month.
According to the export and import statistics of the Ministry of Trade, Industry and Energy, last month’s exports increased by 21.3% to USD 61.52 billion and imports increased by 32.0% to USD 63.22 billion, respectively.
As a result, the trade balance was $1.71 billion in deficit.
The trade balance was in the red for two consecutive months from April to May.
At the time of the announcement of the preliminary figures for export and import in March, the trade balance for March was announced as a deficit of 140 million dollars, but the final figure has recently turned to a surplus of 210 million dollars.
Exports are the second largest on record after US$63.8 billion in March and the largest on record as of May.
The deficit in the trade balance is analyzed to be due to an increase in imports, mainly in energy, as raw material prices soared due to Russia’s invasion of Ukraine.
YTN Kim Sang-woo ([email protected])
[저작권자(c) YTN 무단전재 및 재배포 금지]