South Korea’s Ministry of Commerce, Industry and Energy said South Korea’s exports fell for the first time in two years in October. As global demand stagnates due to inflation and the economic slowdown.
South Korea also experienced a trade deficit for the seventh consecutive month due to the surge in global energy prices. which raised concerns about the growth prospects of the domestic economy.
South Korea’s October exports fell 5.7% year-on-year to $ 524.8 billion. Exports fell for the first time since October. 2020
South Korea’s October imports increased 9.9% year-on-year to $ 591.8 billion. due to rising energy prices in the world market This resulted in South Korea having a trade deficit of $ 6.7 billion in October.
South Korea’s imports have outstripped exports since April. And for the first time since 1995, South Korea has experienced a trade deficit of seven consecutive months.
The ministry said South Korea has largely relied on energy imports to meet domestic demand. South Korea’s energy imports increased 42.1% year-on-year to $ 15.5 billion in October.
By InfoQuest News Agency (01 Nov 65)
tag: export, South Korea