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Korea logs a trade deficit for second consecutive month in April
2022-05-10
Korea's 18-month export rally is starting to stall.
The pace of growth is slowing, and the trade balance has been negative for two months running.
According to the Ministry of Trade, Industry and Energy on Sunday, exports rose 12.6 percent on year in April to $57.7 billion.
The trend has been downward in recent months. Exports grew 20 percent on year in February and 18 percent in March.
For the first time ever, accumulated exports were more than $200 billion in the first four months of the year. The previous record was last year's $197.6 billion.
Semiconductor exports grew 15.8 percent year-on-year to $10.8 billion in April, while computer exports rose 56.4 percent to $1.7 billion.
Steel exports grew 21.1 percent to $3.4 billion, and biopharmaceutical product exports were up 14.2 percent to $1.3 billion.
Automobile exports grew 6 percent to $4.4 billion despite semiconductor supply challenges.
Petroleum goods exports rose 69 percent to nearly $5 billion as prices surged due in part to the war in Ukraine.
Imports rose 18.6 percent in April to $60.4 billion, driven largely by higher oil prices.
A $2.66 billion trade deficit was reported in April, compared to a March trade deficit of $140 million.
Energy imports, including crude oil, gas and coal, doubled year-on-year to $14.8 billion.
Crude prices are up 63.4 percent year-on-year, while gas prices surged 516 percent. Coal prices rose 251 percent as countries increased the use of coal for generating electricity.
Exports to major trading partners, including the United States and the European Union, continued to grow.
Exports to the United States last month grew 26.4 percent to $9.6 billion, while those to the EU were up 7.4 percent to $5.5 billion.
Exports to Japan rose 6.2 percent to $2.6 billion, and exports to Asean markets, which ratified the Regional Comprehensive Economic Partnership in February, grew 37.3 percent to $11.2 billion.
Exports to China, Korea's biggest trading partner, fell 3.4 percent to $12.9 billion, as the number of Covid-19 cases surged in that country and lockdowns were implemented.
Exports to the Commonwealth of Independent States, which includes Russia, tumbled 46.5 percent to $610 million. In March, exports to this region fell 38 percent year-on-year to $680 million.
Exports to Russia fell 70.5 percent, while those to Ukraine declined 85 percent.
The trade situation could worsen if the Russia-Ukraine conflict continues, while inflation is forecast to remain stubbornly high.
China's lockdowns, which have been implemented for a month, are expected to add to downward pressures.
The International Monetary Fund recently revised its forecast for global growth in 2022 from 4.4 percent to 3.6 percent.
| 번호 | 기사목록 | 날짜 | 조회수 |
|---|---|---|---|
| 60 |
 |
2024-04-24 | 2889 |
| 59 |
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2024-04-23 | 4348 |
| 58 |
 |
2024-04-22 | 4247 |
| 57 |
 |
2024-04-21 | 4304 |
| 56 |
 |
2024-04-20 | 4207 |
| 55 |
 |
2024-04-19 | 4466 |
| 54 |
 |
2024-04-18 | 4373 |
| 53 |
 |
2024-04-17 | 4304 |
