South Korea ran a record trade deficit in August as crude oil prices soared

Seoul, September 1 (EFE). – South Korea recorded a trade deficit of 9,470 million dollars in August, the largest since records exist, due to rising fuel prices, according to data released today by the Ministry of Commerce. Industry and energy.

The value of exports in August amounted to 56.67 billion dollars, up 6.5% on an annual basis, and the value of imports amounted to 66.15 billion dollars, an increase of 28.2% from last year, according to government figures.

In addition to assuming the largest trade deficit in its history, the August overdraft marks the fifth consecutive month of negative balance for South Korea, the first time this has occurred since the 2008 financial crisis.

In terms of energy, South Korea is almost entirely dependent on imports, and the value of its hydrocarbon purchases from abroad increased by 91.8% compared to August 2021.

In August, the benchmark Dubai barrel price for South Korea averaged $96.3, up 39% over the same month last year.

In turn, South Korea’s semiconductor exports, which account for a fifth of the total, fell 7.8% in August – their first decline in 26 months – due to lower demand caused by the global slowdown, adding about 10.780 million. dollar.

However, this decrease was offset by an increase in exports of petroleum products (113.6% more), automobiles (35.9% more) or steel (2.8% more).

Additionally, overseas shipments of rechargeable batteries grew 35.7% year-over-year to add a record $940 million. EFE

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