South Korea posts longest run of trade deficits since 1997BloombergSouth Korea recorded its longest string of trade deficits since the Asian financial crisis in 1997, as elevated energy and commodity prices resulted in imports continuing to outpace exports. The deficit was US$3.77 billion last month, the sixth straight monthly shortfall, according to data released on Saturday by the South Korean Ministry of Trade, Industry and Energy. South Korea’s deficit hit a record in August, and its weakening currency further increases troubles for manufacturers. Resilient export growth has been a major factor bolstering the confidence of Bank of Korea board members to keep raising rates. The latest trade data showed that exports to China fell 6.5 percent, and those to the EU were down 0.7 percent last month.

Source: Taipei Times October 03, 2022 04:32 UTC