South Korea posted a trade deficit of USD 9.47 billion in August 2022, switching from a surplus of USD 1.58 billion in the same month a year earlier, compared to market consensus of an 8 billion gap. It was the fifth straight month of deficit in trade balance and the biggest trade gap at least since 1966, as imports grew much faster than exports, amid surging global energy prices, preliminary data showed. Imports jumped by 28.2 percent year-on-year to USD 66.15 billion, the strongest pace of increase in imports since May, and the 19th straight month of double-digit growth, while exports climbed 6.6 percent to USD 56.67 billion, the third straight month single-digit growth in exports. source: Ministry of Trade, Industry & Energy (MOTIE)
Balance of Trade in South Korea averaged 1116.16 USD Million from 1966 until 2022, reaching an all time high of 13419.36 USD Million in September of 2017 and a record low of -9470 USD Million in August of 2022. This page provides the latest reported value for - South Korea Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.
Balance of Trade in South Korea is expected to be -8500.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Balance of Trade is projected to trend around 6700.00 USD Million in 2023, according to our econometric models.