Exports up 9.4 pct in July; trade deficit extended for 4th month

▲ In this file photo, containers for exports and imports are stacked at a pier in South Korea's southern port city of Busan on July 1, 2022. (Yonhap)

trade balance-July

Exports up 9.4 pct in July; trade deficit extended for 4th month

SEOUL, Aug. 1 (Yonhap) -- South Korea suffered a trade deficit for the fourth consecutive month in July over high global energy prices, though its exports rose 9.4 percent on-year on solid demand for chips, data showed Monday.

Outbound shipments stood at US$60.7 billion last month, up from $55.5 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

It is the highest tally for any July since 1956, when the ministry began compiling related data. The previous record was set a year earlier.

But the country posted a trade deficit of $4.67 billion last month, as imports jumped 21.8 percent on-year to $65.37 billion on soaring global energy prices.

Imports have exceeded exports in South Korea since April, and it is the first time since 2008 that the country suffered a trade deficit for four months in a row.

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