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.

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South Korea Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-08-01 12:00 AM Jul $-4.67B $-2.58B $-4.06B $-3.58B
2022-09-01 12:00 AM Aug $-9.47B $-4.8B $-8B $-7B
2022-10-01 12:00 AM Sep $-9.47B $ -10.5B


Related Last Previous Unit Reference
Balance of Trade -9470.00 -4800.00 USD Million Aug 2022
Imports 66146.00 65369.00 USD Million Aug 2022
Exports 56670.00 60700.00 USD Million Aug 2022

South Korea Balance of Trade
South Korea remained a net exporter for the 13th consecutive year in 2021.
Actual Previous Highest Lowest Dates Unit Frequency
-9470.00 -4800.00 13419.36 -9470.00 1966 - 2022 USD Million Monthly

News Stream
South Korea Posts Largest Trade Deficit on Record
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.
2022-09-01
South Korea Posts Largest Trade Gap in 6 Months
South Korea posted a trade deficit of USD 4.67 billion in July 2022, switching from a surplus of USD 1.79 billion in the same month a year earlier, compared to market consensus of a 4.06 billion gap. It was the fourth straight month of deficit in trade balance and the biggest trade gap since January, as imports rose much faster than exports, amid soaring commodity prices, preliminary data showed. Imports jumped by 21.8 percent year-on-year to USD 65.37 billion, the 18th straight month of double-digit growth in arrivals, while exports increased 9.4 percent to USD 60.7 billion, the second straight month single-digit growth in exports.
2022-08-01
South Korea Trade Gap Smaller than Expected
South Korea posted a trade deficit of USD 2.47 billion in June 2022, shifting from a surplus of USD 4.37 billion in the same month a year earlier, compared to market consensus of a 4.83 billion gap. It was the third straight month of deficit in trade balance, as imports rose faster than exports, amid soaring commodity prices, preliminary data showed. Imports rose by 19.4 percent year-on-year to USD 60.2 billion, the 17th straight month of double-digit growth in arrivals, while exports grew 5.4 percent to USD 57.73 billion, the first single-digit growth in exports in 16 months and the weakest growth since November 2020. For the first half of the year, the country registered a trade gap of USD 10.3 billion, the biggest on record.
2022-07-01