South Korea's trade deficit climbed to USD 2.1 billion in May 2023 from USD 1.53 billion in the same month a year earlier, compared with market expectations of a USD 2.53 billion gap, a preliminary reading showed. This was the first time since 1997 that the country has posted a trade deficit for 14 months in a row, as imports fell less than exports, amid weak global demand during the economic slowdown. Exports shrank 15.2% yoy, marking the eighth consecutive drop and the steepest fall in four months. Meanwhile, imports were down 14%, the fourth decline so far this year and the strongest pace since August 2020. source: Ministry of Trade, Industry & Energy (MOTIE)
Balance of Trade in South Korea averaged 1028.88 USD Million from 1966 until 2023, reaching an all time high of 13419.36 USD Million in September of 2017 and a record low of -12650.00 USD Million in January of 2023. 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 2023.
Balance of Trade in South Korea is expected to be -5500.00 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 2024 and -3000.00 USD Million in 2025, according to our econometric models.