Korea’s Jan. 1-10 exports down 0.9%, imports up 6%

[Photo by MK DB]

South Korea’s exports dipped slightly in the first 10 days of January while imports rose by more than 6 percent to imply continued imbalance after posting the first annual trade deficit in 14 years in 2022.

According to Korea Customs Service on Wednesday, the country’s exports came to $13.9 billion from Jan. 1 to 10, down 0.9 percent from the same period a year earlier. Daily exports fell 14.1 percent based on 7.5 working days, a day longer than last year.

Imports amounted to $20.1 billion for the first 10 days in January, rising 6.3 percent from a year ago.

Trade balance came to a deficit of $6.3 billion in Jan. 1-10 period, widening from $5 billion in the same period both year and a month ago.

Korea ended last year with a trade deficit of $47.2 billion, which was the first since 2008.