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S.Korea logs trade deficit for 4th month in July

SEOUL
2022-08-01 13:22

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SEOUL, Aug. 1 (Xinhua) -- South Korea logged a trade deficit for the fourth consecutive month in July owing to faster increase in import than export, government data showed Monday.

Trade deficit stood at 4.67 billion U.S. dollars in July, after recording 2.48 billion dollars in April, 1.61 billion dollars in May and 2.57 billion dollars in June respectively, according to the Ministry of Trade, Industry and Energy.

It marked the first time in 14 years since 2008 that the country's trade balance stayed in red for four straight months.

Export, which accounts for around half of the export-driven economy, gained 9.4 percent from a year earlier to 60.7 billion dollars in July, marking the highest July shipment.

Import surged 21.8 percent to 65.37 billion dollars last month, the highest ever in the country's history.
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