South Korea posted a trade deficit of USD 6.70 billion in October 2022, compared with a surplus of USD 1.81 billion in the same month a year earlier and market consensus of a 3.94 billion gap, a preliminary figure showed. It was the nation’s seventh consecutive monthly shortfall, the longest such stretch since 1997, as exports declined for the first time in two years due to unfavorable external conditions such as the global economic downturn, protracted Russia-Ukraine war and major countries’ austerity measures. China’s reduced imports and semiconductor price falls have also hit exports. Meanwhile, imports surged as energy purchases and prices rose. The economy is expected to register its first annual trade deficit since the financial crisis in 2008. source: Ministry of Trade, Industry & Energy (MOTIE)

Balance of Trade in South Korea averaged 1096.55 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 -9393.98 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 November of 2022.

Balance of Trade in South Korea is expected to be 4700.00 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
2022-10-01 12:00 AM Sep $-3.7B $-9.49B $-3.45B $ -10.5B
2022-11-01 12:00 AM Oct $-6.7B $-3.78B $-3.94B $-4B
2022-12-01 12:00 AM Nov $-6.7B $-4.42B $-5B


Related Last Previous Unit Reference
Balance of Trade -6696.00 -3778.13 USD Million Oct 2022
Imports 59178.00 61226.04 USD Million Oct 2022
Exports 52482.00 57447.91 USD Million Oct 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
-6696.00 -3778.13 13419.36 -9393.98 1966 - 2022 USD Million Monthly

News Stream
South Korea Trade Gap Rises More than Expected
South Korea posted a trade deficit of USD 6.70 billion in October 2022, compared with a surplus of USD 1.81 billion in the same month a year earlier and market consensus of a 3.94 billion gap, a preliminary figure showed. It was the nation’s seventh consecutive monthly shortfall, the longest such stretch since 1997, as exports declined for the first time in two years due to unfavorable external conditions such as the global economic downturn, protracted Russia-Ukraine war and major countries’ austerity measures. China’s reduced imports and semiconductor price falls have also hit exports. Meanwhile, imports surged as energy purchases and prices rose. The economy is expected to register its first annual trade deficit since the financial crisis in 2008.
2022-11-01
South Korea Trade Gap Larger than Expected
South Korea posted a trade deficit of USD 3.7 billion in September 2022, switching from a surplus of USD 4.28 billion in the same month a year earlier and compared to market consensus of an 3.45 billion gap, a preliminary figure showed. It was the sixth straight month of a shortfall in trade balance, the longest stretch since 1997, mainly due to a jump in imports, preliminary data showed. Purchases surged by 18.6 percent year-on-year to USD 61.23 billion, amid surging global energy prices, Meanwhile, shipments grew 2.8 percent to USD 57.46 billion. Imports have exceeded exports in South Korea since April. In August, the trade deficit hit a record amount of USD 9.47 billion with crude oil accounting for more than half of imports. The economy is on track to register its first annual trade deficit since the financial crisis in 2008.
2022-10-01
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