[Breaking News] 10.3 billion USD trade deficit in the first half of this year… largest ever

Korea's trade deficit in the first half of this year exceeded $10 billion, the largest recorded in the first half of this year.

The Ministry of Trade, Industry and Energy announced today (1st) statistics on imports and exports for the first half of this year.

In the first half of the year, exports were $350.3 billion, up 15.6% from the same period last year, and imports were $360.6 billion, up 26.2% from the same period last year.

As a result, the trade balance recorded a deficit of 10.3 billion dollars (about 13 trillion won).

This is the largest ever recorded in the first half of the year.

The previous record of the largest trade deficit in the first half was $9.16 billion in 1997.

In terms of the first half of the first half of the year, the deficit of $12.55 billion in the second half of 1996 was the largest.

In terms of export volume, every month has been the all-time high for that month.

Among them, March and May ranked first and second respectively on a monthly basis.

As a result, exports surpassed the record in the second half of last year ($341.2 billion), breaking the record for the best half of the year.

By item, 14 major items excluding shipbuilding increased, while semiconductors, steel, petroleum products, biotechnology, and secondary batteries ranked first in the first half of history.

By region, eight major regions excluding the Commonwealth of Independent States (CIS) increased, and among these, four major markets, China, ASEAN, the United States, and the European Union (EU), ranked first in the first half of history.

However, due to the surge in energy and raw material prices, imports amounted to $360.6 billion, more than exports.

In particular, imports of energy such as oil and gas amounted to USD 87.9 billion, an increase of more than USD 40 billion compared to the first half of last year, acting as a key factor in the trade deficit.

The trade balance in June showed a deficit of 2.47 billion dollars, recording a deficit for three consecutive months since April.

It is the first time in 14 years since the global financial crisis in 2008 (June-September) that the trade balance recorded a deficit for three consecutive months.