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.

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South Korea Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2023-05-01 12:00 AM Apr $-2.62B $-4.63B $-2.89B $-5.9B
2023-06-01 12:00 AM May $-2.1B $-2.65B $-2.53B $-2.5B
2023-07-01 12:00 AM Jun $-2.1B $ -5.5B


Related Last Previous Unit Reference
Balance of Trade -2100.00 -2650.00 USD Million May 2023
Imports 54343.00 52233.00 USD Million May 2023
Exports 52240.00 49600.00 USD Million May 2023

South Korea Balance of Trade
South Korea is heavily dependent on international trade with the biggest trading partners including China, the US and Japan. The country has been recording consistent trade surpluses since 2008 with the exception of 2022 when the war in Ukraine increased substantially the bill for imports of oil and food.
Actual Previous Highest Lowest Dates Unit Frequency
-2100.00 -2650.00 13419.36 -12650.00 1966 - 2023 USD Million Monthly

News Stream
South Korea Trade Gap Smaller than Expected
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.
2023-06-01
South Korea Trade Gap Smaller than Expected
South Korea's trade deficit increased to USD 2.62 billion in April 2023 from USD 2.35 billion in the same month a year earlier, compared with market expectations of a USD 2.89 billion gap, a preliminary reading showed. This was the first time since 1997 that the country has posted a trade deficit for 13 months in a row, as imports fell less than exports, amid weak global demand during the economic slowdown. Exports dropped 14.2% yoy to a three-month low of USD 49.6 billion, marking the seventh consecutive fall and the steepest drop in three months. Meanwhile, imports declined 13.3% to USD 52.2 billion, the third decline so far this year and the steepest pace since August 2020.
2023-05-01
South Korea Trade Gap Smaller than Expected
South Korea's trade balance recorded a USD 4.62 billion deficit in March 2023, swinging from a USD 3.15 billion surplus in the same month a year earlier, compared with market expectations of a USD 6.08 billion gap, a preliminary reading showed. This was the first time since 1997 that the country has logged a trade deficit for 12 months in a row, as exports dropped more than imports, amid weak global demand during the economic slowdown. Exports fell 13.6% yoy to USD 55.12 billion, marking the sixth consecutive drop. Meanwhile, imports shrank 6.4% to USD 59.75 billion, the second decline so far this year and the steepest pace since August 2020.
2023-04-01