September trade deficit $ 3.7 billion… License for 6 consecutive months in 25 years

It is a trade deficit in September. It is a deficit for six months. Furthermore, it has been 25 years since the 1997 International Monetary Fund (IMF) financial crisis.

Export growth rate was only one digit. Energy prices were excellent, resulting in a double-digit growth rate.

The Ministry of Trade, Industry and Energy announced on the 1st that last month, exports were tentatively aggregated to $57.6 billion, up 2.8% from a year ago. Imports increased 18.6% to $61.3 billion.

The trade balance recorded a $3.77 billion deficit. It has been in the red for six months since April. Since January 1995 to May 1997, he has made a deficit for more than six consecutive months in 25 years.

Exports reached the highest in September. The best performance was in September last year ($55.9 billion). It has continued to increase for 1 year and 11 consecutive months.

The growth rate has fallen to one digit since June (5.4%). It increased only 6.6% on July 9.4% and August.

By item, petroleum products, automobiles, and secondary batteries exports achieved the number one performance in September. Petroleum exports surged 52.7%, and automobiles (34.7%) and secondary batteries (30.4%) also surged by more than 30%. Semiconductor exports, which are responsible for one-fifth of Korea’s exports, fell 5.7%. Petrochemicals decreased by 15.1% and steel exports by 21.1%. As the global economy slowed down, demand for semiconductors, petrochemicals, and wireless communications decreased, the Ministry of Industry explained. The reason for the decrease in steel exports was the typhoon.

By region, exports to the United States increased 16%, leading to an increase. India exports followed 8.5%, Southeast Asian National Union (ASEAN, ASEAN) 7.6%and Japan 2.5%. Exports to China decreased 6.5%, and the European Union (EU) also decreased by 0.7%.

Imports exceeded $60 billion for seven months. Energy imports, such as crude oil and gas, have increased their total imports to $17.6 billion, up more than $8 billion from a year ago.

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