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. source: Ministry of Trade, Industry & Energy (MOTIE)

Balance of Trade in South Korea averaged 1131.76 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 August 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
2022-07-01 12:00 AM Jun $-2.47B $-1.71B $-4.83B $ 6.5B
2022-08-01 12:00 AM Jul $-4.67B $-2.58B $-4.06B $-3.58B
2022-09-01 12:00 AM Aug $-4.67B


Related Last Previous Unit Reference
Balance of Trade -4670.00 -2580.00 USD Million Jul 2022
Imports 65369.00 60203.00 USD Million Jul 2022
Exports 60700.00 57730.00 USD Million Jul 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
-4670.00 -2580.00 13419.36 -4830.00 1966 - 2022 USD Million Monthly

News Stream
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
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