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S.Korea attributes continued trade deficits to expensive energy, low chip demand

SEOUL
2023-02-16 14:18

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SEOUL, Feb. 16 (Xinhua) -- South Korean Minister of Economy and Finance Choo Kyung-ho said on Thursday that the country's continued trade deficits and export slump were attributable to expensive energy and low chip demand.

Choo, who doubles as the deputy prime minister for economic affairs, told an emergency meeting with economy-related ministers that winter demand for energy has not weakened despite price hikes in energy such as crude oil and natural gas.

The minister noted that export sluggishness for semiconductors, which account for about 20 percent of the country's total export, deepened in the aftermath of a global economic downturn.

South Korea's export dropped 16.6 percent in January from a year earlier, keeping a downward trend for the fourth consecutive month.

Trade deficit in January hit a record monthly high of 12.69 billion U.S. dollars, topping 10 billion dollars for the first time since relevant data began to be compiled in 1956.

The trade balance stayed in red for the 11th successive month through January.

Chip export tumbled 44.5 percent over the year to 6.0 billion dollars in January.

Crude oil import sank 10.0 percent to 6.94 billion dollars in January on stable oil prices, but those for natural gas and coal grew to 6.77 billion dollars and 2.08 billion dollars, respectively.
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