1st January, 2023
South Korea’s trade deficit hit a new record high last year due to faster growth in import than export, triggered by higher global energy prices, government data showed Sunday.
Trade deficit came in at 47.2 billion U.S. dollars in 2022, more than doubling the previous high of 20.6 billion dollars tallied in 1996, according to the Ministry of Trade, Industry and Energy.
Export grew 6.1 per cent over the year to reach a fresh yearly high of 683.9 billion dollars in 2022, but import soared at a faster pace of 18.9 per cent to 731.2 billion dollars.
The rapid import increase was driven by geopolitical risks in Europe that boosted global energy costs.
Import of the country’s three major energy sources, including crude oil, natural gas and coal, stood at 190.8 billion dollars in 2022, accounting for 26.1 per cent of the total import.
The outbound shipment kept a record-breaking trend for the second successive year in 2022, but the export turned downward in the fourth quarter as rapid interest rate hikes in major economies fueled worry about global economic downturn.
Semiconductor export added 1.0 per cent to hit a new high of 129.23 billion dollars last year despite chip price falls in the second half of last year.
Automotive shipment jumped 16.4 per cent to 54.1 billion dollars on the eased supply disruptions of chips to make cars and robust demand for eco-friendly vehicles.
Oil products shipment surged 65.3 per cent to 63.02 billion dollars due to expensive crude oil, and secondary battery export expanded 15.2 per cent to 9.99 billion dollars on stronger demand for electric vehicles.
(Xinhua/NAN)