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KOR | Jun 21, 2022

South Korean exports this month have shrunk 3.4% so far

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Trade deficit has widened to US$7.64 billion

A truck carrying a shipping container travels past cranes at Pyeongtaek port in Pyeongtaek, South Korea, July 9, 2020. (Photo: REUTERS/Kim Hong-Ji/File)

South Korea’s exports for the first 20 days of June 2022 have shrunk by 3.4 per cent, as imports are soaring.

Imports climbed by 21.1 per cent, bringing the trade balance to jump to US$7.64 billion deficit, customs agency data showed today. By destination, shipments to China, the United States and European Union decreased 6.8 per cent, 2.1 per cent and 5.3 per cent, respectively.

Exports of semiconductors rose 1.9 per cent and petroleum products jumped 88.3 per cent, but cars, automobile parts and wireless devices shrank 23.5 per cent, 14.7 per cent and 23.5 per cent, respectively.

On average per working day, exports still grew 11.0 per cent as there were two fewer working days compared with the same period a year before.

The full month’s data will be available on July 1.

South Korea’s economy will grow at its slowest pace in three years in 2022 as the world faces supply bottlenecks, surging inflation and rapidly rising interest rates, the finance ministry said on Thursday.

Setting out its first economic policy initiatives, the new government of President Yoon Suk-yeol said it had lowered this year’s growth forecast to 2.6 per cent from 3.1 per cent and raised the inflation forecast from 2.2 per cent to 4.7 per cent, the fastest since 2008.

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