Exports, the backbone of the Korean economy, declined from the first month of the new year compared to the same month last year, continuing a negative trend for the fourth month.
The Ministry of Trade, Industry and Energy announced today (1st) the export and import trends for January with the same content.
Last month, exports and imports fell 16.6% and 2.6% year-on-year to $46.27 billion and $58.95 billion, respectively.
As a result, the trade balance recorded a record deficit of $12.69 billion.
This surpassed the record of $9.435 billion last August, which was the previous record high on a monthly basis.
The trade balance has been in deficit for 11 consecutive months.
It is the first time in more than 25 years that the trade deficit has lasted more than 11 months since January 1995 and May 1997.