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South Korea: Reported trade deficit for fourth consecutive month

South Korea: Reported trade deficit for fourth consecutive month

South Korea posted a trade deficit for a fourth straight month in July as energy imports rose and exports to China, its biggest trading partner, fell.

Overseas shipments rose 9.4 percent from a year earlier to $60.70 billion after a revised 5.2 percent increase in June, according to preliminary Commerce Department data.

Estimates were for a 10% increase.

Exports for semiconductors, petrochemicals, cars, ships and batteries remained on an upward trajectory, but shipments to China fell year-on-year as the world’s second-largest economy slowed sharply in the second quarter.

Imports rose 21.8% year-on-year to $65.37 billion after a 19.4% increase in June amid higher energy prices, showing a trade deficit of $4.67 billion in July compared to the revised deficit of $2.58 billion in the previous month.

Higher crude oil and natural gas prices also contributed to the deficit.

Source: Capital