S.Korea's trade deficit hits record high in August

[beijingwalker]

S.Korea's trade deficit hits record high in August​

2022-09-01 15:13:30

SEOUL, Sept. 1 -- South Korea's trade deficit hit a record monthly high in August due to faster increase in import than export, government data showed Thursday.

The trade deficit amounted to 9.47 billion U.S. dollars in August, staying in red for the fifth consecutive month, according to the Ministry of Trade, Industry and Energy.

It marked the highest deficit since relevant data began to be compiled in 1956, almost doubling the previous high of 4.9 billion dollars tallied in January this year.

Export gained 6.6 percent from a year earlier to 56.67 billion dollars in August, while import soared 28.2 percent to 66.15 billion dollars.

The August import reached a new monthly high, topping 60 billion dollars for six successive months on higher raw material prices.

Import of the country's key energy sources, composed of crude oil, natural gas and coal, amounted to 18.52 billion dollars in August, up 91.8 percent from a year earlier.
Import for precision chemical materials, such as lithium hydroxide used to make batteries, surged 82.8 percent last month, and semiconductor import advanced 26.1 percent.
The import rose at a faster pace than export for the 15th straight month since June 2021.

The export continued to expand for 22 months since November 2020, but it kept a single-digit increase since June after having grown in double digits.

Export for six of the 15 major export items gained ground last month including oil products and secondary batteries.

Oil products shipment more than doubled to 6.57 billion dollars in August, while secondary batteries export spiked 35.7 percent to reach a record monthly high of 940 million dollars.
Automotive export jumped 35.9 percent to 4.12 billion dollars, and steel shipment added 2.8 percent to 3.24 billion dollars.

Semiconductor export reduced 7.8 percent over the year to 10.78 billion dollars in August, marking the first decline in 26 months amid weaker global demand and lower chip prices.
Shipment for mobile devices dipped 20.7 percent to 1.32 billion dollars on soft demand for smartphones from Asia.

Export for display panels and computers retreated 5.7 percent and 30.0 percent respectively on global economic slowdown.

Petrochemicals shipment shrank 11.7 percent to 4.4 billion dollars amid the supply glut, and home appliances export dwindled 8.6 percent to 610 million dollars.

Export to the Association of Southeast Asian Nations picked up 21.7 percent over the year to 10.86 billion dollars in August, surpassing 10 billion dollars for the 10th consecutive month amid solid demand for locally-made chips and oil products.

Shipment to the United States increased by 13.7 percent to 8.76 billion dollars on higher demand for electric vehicles and secondary batteries.

Export to the European Union gained 7.3 percent to 5.4 billion dollars due to robust demand for oil products and general machinery.

Shipment to Japan, India and the Middle East grew to 2.58 billion dollars, 1.63 billion dollars and 1.34 billion dollars respectively last month, but export to Latin American countries shrank to 2.23 billion dollars.

S.Korea's trade deficit hits record high in August

S.Korea's trade deficit hits record high in August-

english.news.cn

 

[beijingwalker]

Besides China, all East Asia now is deep in the deficit zone

Japan logs trade deficit in July for 12 months in row as imports rise

Japan posted a trade deficit of 1.44 trillion yen ($10.7 billion) in July against a backdrop of rising import prices driven by Russia's invasion of Ukraine and the yen's weakness, remaining in the red for the 12th straight month, government data shows.

english.kyodonews.net

 

[kankan326]

S.Korea is facing competition from China in almost every field. It won't have a bright future

 

[beijingwalker]

This year is a mile stone, all countries which don't have independent foreign and trade policies, meaning those who have to follow US guidance imposed on them, suffer miserably. Japan, South Korea, EU...

 

[AViet]

Besides China, all East Asia now is deep in the deficit zone

Japan logs trade deficit in July for 12 months in row as imports rise

Japan posted a trade deficit of 1.44 trillion yen ($10.7 billion) in July against a backdrop of rising import prices driven by Russia's invasion of Ukraine and the yen's weakness, remaining in the red for the 12th straight month, government data shows.

english.kyodonews.net

Vietnam records a trade surplus of roughly 4 billions to date

 

[beijingwalker]

Vietnam records a trade surplus of roughly 4 billions to date

Vietnam is part of south east Asia

 

[MH.Yang]

This year is a painful year for the whole world. Not only South Korea and Japan, but also Germany have trade deficits. The only bright spot is Vietnam.

The IMF predicts that only China and those resource exporting countries will have surpluses this year. Vietnam was the only country whose performance exceeded expectations.

 

[Indos]

I hope Iran-US nuclear deal can be reached soon, this high energy prices are basically due to Western nations own action. Basically USA leaders prefer to serve Israel interest compared to their own nation that is currently in high inflation mode if Iran nuclear deal is not reached soon.

The first time in my life I read news that both Japan and South Korea suffer from trade deficit....

South Korea posts trade deficit of $10.2 billion during first 20 days of August​

READING TIME 1 MIN CHRISTIAN FERNSBY ▼ | August 24, 2022

South Korea posts trade deficit of $10.2 billion during first 20 days of August | Economy | POST Online Media

South Korea\'s exports rose nearly 4 per cent year-on-year on August 20, but posted a trade deficit of more than $10 billion as imports also increased by 20 per cent.

www.poandpo.com

 

[MH.Yang]

I hope Iran-US nuclear deal can be reached soon, this high energy prices are basically due to Western nations own action. Basically USA leaders prefer to serve Israel interest compared to their own nation that is currently in high inflation mode if Iran nuclear deal is not reached soon.

The first time in my life I read news that both Japan and South Korea suffer from trade deficit....

South Korea posts trade deficit of $10.2 billion during first 20 days of August​

READING TIME 1 MIN CHRISTIAN FERNSBY ▼ | August 24, 2022

South Korea posts trade deficit of $10.2 billion during first 20 days of August | Economy | POST Online Media

South Korea\'s exports rose nearly 4 per cent year-on-year on August 20, but posted a trade deficit of more than $10 billion as imports also increased by 20 per cent.

www.poandpo.com

Avertissement de redirection

Many people do not realize that "made in China" is the only reason why inflation in many countries has not broken through the atmosphere.

China's ability to control PPI and export commodity prices is largely due to its ability to obtain cheap energy from Russia.

But these fools are still attacking China for not joining the sanctions against Russia.

 

[Viet]

This year is a mile stone, all countries which don't have independent foreign and trade policies, meaning those who have to follow US guidance imposed on them, suffer miserably. Japan, South Korea, EU...

I see another picture: SK exports rising, imports rising. That’s very good trajectory. This deficit is imported due to ongoing pandemic and war in Ukraine. That won’t last forever.
Nothing with US guidance.

 

[Mista]

This year is a painful year for the whole world. Not only South Korea and Japan, but also Germany have trade deficits. The only bright spot is Vietnam.

The IMF predicts that only China and those resource exporting countries will have surpluses this year. Vietnam was the only country whose performance exceeded expectations.

Eh, not really. The IMF projected in July that Singapore's trade surplus to be around $100bil and current account surplus to be around $56bil in 2022.

IMF Executive Board Concludes 2022 Article IV Consultation with Singapore

IMF Executive Board Concludes 2022 Article IV Consultation with Singapore

www.imf.org

For the first two quarters of 2022, Singapore recorded a trade surplus of SGD91bil (~USD65bil) and a current account surplus of SGD56il (~USD40bil).

https://tablebuilder.singstat.gov.sg/table/TS/M060171

 

[Wergeland]

S.Korea's trade deficit hits record high in August​

2022-09-01 15:13:30

SEOUL, Sept. 1 -- South Korea's trade deficit hit a record monthly high in August due to faster increase in import than export, government data showed Thursday.

The trade deficit amounted to 9.47 billion U.S. dollars in August, staying in red for the fifth consecutive month, according to the Ministry of Trade, Industry and Energy.

It marked the highest deficit since relevant data began to be compiled in 1956, almost doubling the previous high of 4.9 billion dollars tallied in January this year.

Export gained 6.6 percent from a year earlier to 56.67 billion dollars in August, while import soared 28.2 percent to 66.15 billion dollars.

The August import reached a new monthly high, topping 60 billion dollars for six successive months on higher raw material prices.

Import of the country's key energy sources, composed of crude oil, natural gas and coal, amounted to 18.52 billion dollars in August, up 91.8 percent from a year earlier.
Import for precision chemical materials, such as lithium hydroxide used to make batteries, surged 82.8 percent last month, and semiconductor import advanced 26.1 percent.
The import rose at a faster pace than export for the 15th straight month since June 2021.

The export continued to expand for 22 months since November 2020, but it kept a single-digit increase since June after having grown in double digits.

Export for six of the 15 major export items gained ground last month including oil products and secondary batteries.

Oil products shipment more than doubled to 6.57 billion dollars in August, while secondary batteries export spiked 35.7 percent to reach a record monthly high of 940 million dollars.
Automotive export jumped 35.9 percent to 4.12 billion dollars, and steel shipment added 2.8 percent to 3.24 billion dollars.

Semiconductor export reduced 7.8 percent over the year to 10.78 billion dollars in August, marking the first decline in 26 months amid weaker global demand and lower chip prices.
Shipment for mobile devices dipped 20.7 percent to 1.32 billion dollars on soft demand for smartphones from Asia.

Export for display panels and computers retreated 5.7 percent and 30.0 percent respectively on global economic slowdown.

Petrochemicals shipment shrank 11.7 percent to 4.4 billion dollars amid the supply glut, and home appliances export dwindled 8.6 percent to 610 million dollars.

Export to the Association of Southeast Asian Nations picked up 21.7 percent over the year to 10.86 billion dollars in August, surpassing 10 billion dollars for the 10th consecutive month amid solid demand for locally-made chips and oil products.

Shipment to the United States increased by 13.7 percent to 8.76 billion dollars on higher demand for electric vehicles and secondary batteries.

Export to the European Union gained 7.3 percent to 5.4 billion dollars due to robust demand for oil products and general machinery.

Shipment to Japan, India and the Middle East grew to 2.58 billion dollars, 1.63 billion dollars and 1.34 billion dollars respectively last month, but export to Latin American countries shrank to 2.23 billion dollars.

S.Korea's trade deficit hits record high in August

S.Korea's trade deficit hits record high in August-

english.news.cn

Tbh for me, its big surprise, having always thought that SK was a major export-oriented country. Kinda like Germany.

 

[Communism]

South Korea and Japan can just turn their nuclear power plants back on.

Germany can just import infinite ukrainian labor with zero political consequence to lower labor cost to 1/2 to 1/3 of pre-war levels and blame all their own mistakes on putin.

Simply a temporary problem.