March 28, 2023

A report released by the Korea Economic Research Institute expects South Korea to record an unprecedented trade deficit of nearly $50 billion this year due to rising global energy prices.

South Korea’s trade deficit is expected to hit about $48 billion this year, the biggest since data began being collected in 1964, the report said.

The projected deficit is more than double the $20.6 billion deficit recorded in 1996, just before the country was hit by the Asian financial crisis in 1997 and 1998.

South Korea’s September trade deficit stood at $3.77 billion for the sixth month in a row, with export growth slowing amid the global downturn and higher import costs due to higher fuel prices.

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