South Korea's 2022 trade deficit hits a new high.
(European News Agency)
[Financial Channel/Comprehensive Report] Due to the global economic slowdown, and the semiconductor industry faced inventory adjustment in the second half of last year, chip prices were weak, which impacted South Korea’s semiconductor industry exports, and the Russia-Ukraine war caused energy prices to soar. The South Korean Ministry of Industry today ( 1) stated that South Korea's trade deficit in 2022 will reach US$47.2 billion (about NT$1.4 trillion), a record high.
"Yonhap News Agency" reported that due to South Korea's energy dependence on imports, the surge in energy will increase imports by 18.9% to US$731.2 billion in 2022, and the trade deficit will reach US$47.2 billion (about NT$1.4 trillion). This is South Korea's trade deficit again since 2008. , and the scale was more than twice that before the Asian financial crisis in 1996.
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It is worth noting that since April last year, South Korea's imports have exceeded exports, creating a trade deficit for the first time since 1997 for nine consecutive months.
At the same time, thanks to the high demand for semiconductors and petrochemical products last year, South Korea's exports in 2022 will increase by 6.1% to US$683.9 billion (approximately NT$20.9 trillion), and exports will also achieve good results.
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