◀ Anchor ▶
The trade deficit this year is likely to reach $50 billion for the first time ever.
It is expected that the deficit will continue next year as raw material prices rise and export slowdown overlap.
This is reporter Kim Ah-young.
◀ Report ▶
This year’s trade balance, as counted until the 10th, is a deficit of $47.464 billion.
It is the first time in 14 years since the global financial crisis in 2008 that the trade surplus turned to deficit.
The deficit is also at an all-time high.
The previous largest trade deficit was $20.624 billion, which was recorded in 1996.
But a deficit of more than $7.5 billion this month would bring the annual deficit to $50 billion this year.
It is more than twice the previous maximum deficit.
The trade deficit this year was due to a decrease in exports and an increase in imports.
Semiconductor exports, which account for a significant portion of our exports, have been declining for four consecutive months until last month due to the global economic slowdown.
In addition, exports to China, our largest trading partner, have declined for six months in a row, and overall exports are also slowing significantly.
On the other hand, international raw material prices soared due to the war between Russia and Ukraine, raising imports.
Until the 10th of this year, the amount of imports of crude oil, gas and coal increased by nearly 73% from the same period last year to $ 180.41 billion.
The outlook for next year is not bright.
As interest rates continue to rise, demand will decrease and exports will likely continue to slow down.
The Korea International Trade Association predicted a trade deficit of 13.8 billion dollars next year, and the Korea Institute for Industrial Economics and Trade predicted a deficit of 26.6 billion dollars.
This is Kim Ah-young from MBC News.
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