The trade balance recorded a deficit for seven consecutive months.
This is because exports turned to decline and imports continued to increase.
The International Monetary Fund (IMF) has been in the longest deficit in 25 years since the deficit in 1997 for five months in a row.
The Ministry of Trade, Industry and Energy announced today (1st) October import and export statistics with the same content.
Exports in October were $52.48 billion, down 5.7% from the same month last year, and imports were $59.18 billion, up 9.9% from the same month last year.
As a result, the trade balance recorded a deficit of 6.7 billion dollars (about 9.6 trillion won).
The trade balance has been in the red for seven consecutive months since April.
There has been no loss for more than 7 consecutive months since January to May 1995.
The size of the trade deficit in October was also significantly larger than in September ($3.77 billion).
In particular, it is believed that exports decreased compared to the previous year due to the global economic slowdown such as the prolonged war between Russia and Ukraine and monetary tightening of major countries.
The base effect was also affected as the export performance in October last year increased by 24.2% compared to October 2020, the highest monthly record in October.
(Photo = Yonhap News)