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.