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.