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South Korea records record export growth in 2022

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South Korea’s exports recorded an all-time high in 2022 at 6.1%.

And the South Korean Ministry of Industry said the percentage is the highest since 2021, and yet South Korea is suffering from the largest trade deficit in its history due to high global energy prices.

South Korea’s exports reached a record high of $683.9 billion last year, the highest annual total since 1956, from a previous record of $644.4 billion, according to the ministry.

The ministry added that the value of annual imports rose by 18.9%, equivalent to $731.2 billion last year, resulting in a trade deficit of $47.2 billion.

Monthly exports decreased in December by 9.5% year on year and reached $54.99 billion.

Imports rose 2.4% year on year last month to $59.68 billion, while the monthly trade deficit was $4.69 billion.

Notably, the value of imports has exceeded the value of South Korea’s exports since April 2022, marking the first time since 1997 that South Korea suffered a trade deficit for 9 consecutive months.

Source: Yonhap

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