$5 Billion Trade Deficit from Oct. 1 to 20: Deficit Reached $33.8 Billion So Far This Year, a Record High

Containers stacked up at the Sinseondae Dock, Busan Port. Yonhap News

The trade deficit in October recorded US$4.95 billion as of October 20. Exports are decreasing, while the amount of imports is increasing, making it difficult to reduce the deficit.

According to the Korea Customs Service on October 21, the amount of imports from October 1 to 20 was $32,401,000,000, 5.5% down from the same period last year. The number of working days during this period was 13.5, half a day more than the same period last year (13 days). So the daily average amount of imports dropped 9.0%.

A closer look at the items showed that exports of petroleum products (16.4%) and automobiles (32.1%) increased, while exports of semiconductors (-12.8%), wireless communication devices (-15.6%), and ships (-22.9%) decreased.

In the same period, the amount of imports increased by 1.9% to $37,355,000,000 from a year ago. The daily average amount of imports dropped 1.9%. The amount of imported semiconductors (13.9%) and gas (24.6%) increased while imports of crude oil (-0.3%), petroleum products (-18.5%), and precision machinery (-2.7%) fell year-over-year.

The trade deficit this month recorded $4,954,000,000 by October 20. The deficit increased significantly compared to the same period last year (-$2,374,000,000). So far, as of October 20, the total trade deficit this year reached $33,843,000,000, a record high.