South Korea recorded a trade deficit of USD 1.7 billion in May 2022, switching from a surplus of USD 2.83 billion in the same month a year earlier, compared to market consensus of a 2.59 billion gap. It was the second straight month of deficit in trade balance, as imports rose faster than exports, amid rising global energy prices, a preliminary reading showed. Imports jumped by 32 percent year-on-year to USD 63.22 billion, the 16th straight month of double-digit growth in arrivals and the strongest pace since January, while exports grew 21.3 percent to the second largest on record of USD 61.52 billion. In 2021, the country recorded a trade surplus of USD 29.49 billion, down sharply from USD 44.76 billion in 2020. Initially, the government said the country had a trade deficit in March, citing its preliminary data, but its revised data showed a trade surplus of USD 210 million that month. source: Ministry of Trade, Industry & Energy (MOTIE)

Balance of Trade in South Korea averaged 1145.32 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 -4830 USD Million in January 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 June of 2022.

Balance of Trade in South Korea is expected to be 6500.00 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
2022-05-01 12:00 AM Apr $-2.66B $-0.12B $-0.68B
2022-06-01 12:00 AM May $-1.71B $-2.51B $-2.59B $1.3B
2022-07-01 12:00 AM Jun $-1.71B $-4.83B $ 6.5B


Related Last Previous Unit Reference
Balance of Trade -1710.00 -2510.00 USD Million May 2022
Imports 63222.00 60350.00 USD Million May 2022
Exports 61520.00 57690.00 USD Million May 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
-1710.00 -2510.00 13419.36 -4830.00 1966 - 2022 USD Million Monthly

News Stream
South Korea Trade Gap Smaller than Expected
South Korea recorded a trade deficit of USD 1.7 billion in May 2022, switching from a surplus of USD 2.83 billion in the same month a year earlier, compared to market consensus of a 2.59 billion gap. It was the second straight month of deficit in trade balance, as imports rose faster than exports, amid rising global energy prices, a preliminary reading showed. Imports jumped by 32 percent year-on-year to USD 63.22 billion, the 16th straight month of double-digit growth in arrivals and the strongest pace since January, while exports grew 21.3 percent to the second largest on record of USD 61.52 billion. In 2021, the country recorded a trade surplus of USD 29.49 billion, down sharply from USD 44.76 billion in 2020. Initially, the government said the country had a trade deficit in March, citing its preliminary data, but its revised data showed a trade surplus of USD 210 million that month.
2022-06-01
South Korea Trade Balance Swings to Deficit
South Korea posted a trade deficit of USD 2.66 billion in April 2022, shifting from a surplus of USD 0.39 billion in the same month a year earlier, as imports rose faster than exports, amid rising global energy prices, a preliminary reading showed. Imports grew by 18.6 percent year-on-year to USD 60.35 billion while exports increased at a softer 12.6 percent to USD 57.69 billion. In 2021, the country recorded a trade surplus of USD 29.49 billion, down sharply from USD 44.76 billion in 2020.
2022-05-01
South Korea Trade Balance Swings to Deficit
South Korea posted a trade deficit of USD 0.14 billion in March 2022, swinging from a surplus of USD 3.96 billion in the same month a year earlier, as imports rose faster than exports, amid rising global energy prices, a preliminary reading showed. Arrivals jumped by 27.9 percent year-on-year to an all-time high of USD 63.62 billion while shipments grew at a softer 18.2 percent to a record peak of USD 63.48 billion. The government vowed active support to exporters to help them manages risks amid global uncertainties, such as ongoing conflicts in Ukraine and the worsening Covid-19 pandemic in China. In 2021, the country recorded a trade surplus of USD 29.49 billion, down sharply from USD 44.76 billion in 2020.
2022-04-01