Exports, the cornerstone of our economy, have been negative for two months in a row.
Imports continued to rise due to a surge in energy imports, and the trade balance fell into deficit for eight months in a row.
This is Reporter Song Wook.
The Ministry of Trade, Industry and Energy announced that exports last month totaled 51.91 billion dollars, down 14% from the same month last year.
This is a decrease in exports for two months in a row since last October.
The Ministry of Industry explained that "the global economic slowdown due to the Russia-Ukraine war and monetary tightening in major countries, and the refusal of collective transportation by the cargo union had a complex effect."
In addition, it is analyzed that the base effect of exports in November of last year recorded the highest performance in November.
By item, exports of automobiles, petroleum products, and secondary batteries increased, but exports of semiconductors and petrochemicals decreased significantly due to weak demand due to the economic slowdown.
By region, exports to China, the largest market, fell by more than 25%, a decline for six months in a row.
Last month, imports recorded $58.93 billion, up 2.7% from the same month last year.
Imports of crude oil, gas and coal jumped 27% from a year ago.
As a result, the trade balance recorded a deficit of 7.01 billion dollars, continuing the deficit for 8 consecutive months since last April.
It is the first consecutive deficit of more than 8 months in more than 25 years since the consecutive deficit from January 1995 to May 1997.
The cumulative trade deficit from this year to last month was $42.6 billion, already far exceeding the record set in 1996, the largest annual deficit ever recorded.