Last Year's Trade Deficit Hits Record $47.2 Billion... Largest in 14 Years Since Financial Crisis (Update)

[Asia Economy Sejong=Reporter Dongwoo Lee] Last year, South Korea's trade deficit reached $47.2 billion, marking the largest annual deficit on record.

The Ministry of Trade, Industry and Energy announced on the 1st in the 'December 2022 and Annual Export-Import Trends' report that last year's export value was $683.9 billion, a 6.1% increase compared to the previous year, while imports rose 18.9% to $731.2 billion.

Accordingly, the trade balance recorded a deficit of $47.2 billion.

This is the first annual trade deficit in 14 years since the US financial crisis in 2008 (a deficit of $13.26 billion).

The deficit size also surpassed twice the previous highest record of 1996 ($20.62 billion), setting a new all-time high.

In December last year, exports were $54.99 billion, down 9.5% year-on-year, and imports were $59.68 billion, down 2.4%. During this period, the trade deficit was $4.69 billion.

At dawn, the sun rises over a large container ship waiting to load export cargo near Busan Port.
Busan ? Photo by Yoon Dong-joo doso7@