Korean exports fall 13%, imports up 17.5% to cause near $6 bn deficit in June 1-10 trade

2022.06.13 12:07:54 | 2022.06.13 14:44:37

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Exports turned negative in the first 10 days of June, while imports kept up double-digit growth from surge in commodity prices amid shipping disruptions and shorter work days to suggest sharp rise in red in the trade account in a deficit streak extending into the third month.

According to Korea Customs Service’s data released on Monday, the nation’s outbound shipments amounted to $15.07 billion in the June 1~10 period, contracting 12.7 percent from $17.3 billion of a year earlier.

While exports in semiconductors and petrochemical products increased, shipments bound for key markets of China, the U.S., Vietnam, and European Union fell due to depressed demand in cars, auto parts, and wireless communication devices.

When counting shorter work days due to the local elections on June 1 and Memorial Day on June 6, daily exports increased 14.2 percent.

Imports jumped 17.5 percent on year to $21 billion in the first 10 days of June with coal imports soaring 224 percent and crude oil 88 percent.

Trade deficit stretched to $5.95 billion from $666 million a year ago. The cumulative red in the trade account as of June 10 hit $13.82 billion.

By Jenny Lee

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