◀ Anchor ▶
The trade deficit this year is likely to reach $50 billion for the first time ever.
The deficit is expected to continue next year as commodity prices rise and the export slowdown overlaps.
This is reporter Kim Ah-young.
◀ Report ▶
This year’s trade balance, counted to the 10th, is a deficit of $47.464 billion.
It is the first time in 14 years since the 2008 global financial crisis that the trade surplus has turned into a deficit.
The deficit is at an all-time high.
The previous largest trade deficit was $20.624 billion, 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 double the previous maximum deficit.
This year’s trade deficit was due to a decrease in exports and an increase in imports.
Semiconductor exports, which account for a significant portion of our exports, declined for four consecutive months to last month due to the slowdown in the global economy.
In addition, exports to China, our largest trading partner, have declined for six consecutive months, and overall exports are also slowing significantly.
On the other hand, the price of international commodities has skyrocketed due to the war between Russia and Ukraine, increasing imports.
Up to 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 prospects for next year are not rosy.
As interest rates continue to rise, demand will decline and exports will likely continue to slow.
The Korea International Trade Association has forecast a trade deficit of $13.8 billion next year, and the Korea Institute for Industrial Economics and Trade has forecast a deficit of $26.6 billion.
I’m Kim Ah-young from MBC News.
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▷ Kakao Talk @ MBC report
