S.Korea logs 5.5 bln USD of trade deficit in 1st 10 days of July

SEOUL, July 11 (Xinhua) -- South Korea logged trade deficit in the first 10 days of this month due to faster growth in import than export, caused by higher energy costs, customs office data showed Monday.

Trade deficit amounted to 5.53 billion U.S. dollars in the July 1-10 period, according to Korea Customs Service.

Trade balance stayed in red for the past three months, with deficits of 2.47 billion dollars in April, 1.71 billion dollars in May and 2.47 billion dollars in June respectively.

It was attributed to faster increase in import than export amid higher commodity prices, driven by the prolonged geopolitical risks in Europe.

Export rose 4.7 percent from a year earlier to 15.78 billion dollars for the first 10 days of July, while import advanced 14.1 percent to 21.31 billion dollars.

The import of the country's three major energy sources, including crude oil, natural gas and coal, amounted to 6.5 billion dollars in the 10-day period, up 77.4 percent from a year earlier.

Import from Saudi Arabia almost tripled in the period, and those from China and the United States expanded 13.2 percent and 4.9 percent each.

Meanwhile, oil products export nearly doubled in the cited period, and those for semiconductors and automobiles went up 10.4 percent and 6.1 percent respectively.

Export to the United States and Vietnam gained 6.2 percent and 15.5 percent each, but shipment to China and the European Union (EU) declined 8.9 percent and 18.6 percent respectively.