South Korea’s trade deficit has neared $5 billion in the first 20 days of May or $11 billion so far in the year as the red streak extends to its longest since the 2008 financial crisis amid spike in commodity import and U.S. dollar value.

According to data released by Korea Customs Service on Monday, the country’s exports reached $38.6 billion in the first 20 days of May, up 24.1 percent from a year-ago period. Daily exports rose 7.6 percent at $2.57 billion based on 15 working days, two days longer than a year ago. Imports in the first 20 days of May gained a faster rate of 37.8 percent to $43.4 billion, resulting in a trade deficit of $4.8 billion.

The red in the trade balance up to May 20 this year has hit $10.96 billion.

By item, semiconductor exports gained 13.5 percent on year from May 1 to 10, petroleum products 145.1 percent, automobiles 17.5 percent, steel products 25.6 percent, auto components 8.3 percent, and vessels 28.3 percent.

Outbound shipments of wireless communications device contracted 21.3 percent.

By country, exports to China was up 6.8 percent, the United States 27.6 percent, European Union 25 percent, Vietnam 26.9 percent, and Taiwan 71.9 percent, while those to Hong Kong and Malaysia fell 31.7 percent and 5.3 percent, respectively.

Korea’s monthly trade account has been in the red since December except for February due to jump in import value from higher energy and raw materials prices after Russia’s invasion of Ukraine.

If Korea ends May in the red for the third straight month, the deficit streak would be longest in 14 years since the 2008 global financial crisis.

Crude imports surged 84 percent in the first 20 days of May, semiconductors 32.3 percent, petroleum products 40.6 percent, gas 60.4 percent, and coal 321.3 percent. Imports of automobile fell 13.5 percent and wireless communications devices 4.2 percent.

Imports of crude oil, gas, and coal expanded $11.15 billion during the cited period, up 98.3 percent from the same period a year ago and 9.5 percent from a month ago.

Imports from China rose 37.3 percent, the U.S. 21.5 percent, EU 3.5 percent, Saudi Arabia 105.9 percent, and Japan 13.9 percent, while those from Russia declined 3.2 percent.

By Lee Eun-joo

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