SEOUL, Jul 21 (NNN-YONHAP) – South Korea logged a trade deficit in the first 20 days of this month, due to faster increase in import than export, caused by higher energy costs, customs office data showed today.
The trade deficit amounted to 8.1 billion U.S. dollars in the Jul 1-20 period, according to the Korea Customs Service.
The country recorded trade deficits for the past three months, with deficits of 2.48 billion dollars in Apr, 1.61 billion dollars in May and 2.58 billion dollars in Jun.
Export increased 14.5 percent over the year to 37.25 billion dollars for the first 20 days of Jul, while import spiked 25.4 percent to 45.35 billion dollars.
Import of the country’s three key energy sources, including crude oil, natural gas and coal, almost doubled to 12.9 billion dollars in the 20-day period.
Global commodity prices stayed high, amid the prolonged geopolitical risks in Europe.
Import from Saudi Arabia nearly tripled in the cited period, and those from China and the United States expanded in double figures.
Meanwhile, semiconductor export was up 13.2 percent, and oil products shipment almost doubled.
Export for cars and auto parts posted double-digit growth, but shipment for mobile devices and computers shed in double digits.
Export to the United States and the European Union went up 19.7 percent and 18.1 percent each, but shipment to China, South Korea’s biggest trading partner, declined 2.5 percent in the 20-day period.– NNN-YONHAP
