South Korea's Trade Deficit Increasing Rapidly

[beijingwalker]

South Korea's Trade Deficit Increasing Rapidly
By Jung Min-hee
March 14, 2023, 10:39

The Korea Customs Service announced that South Korea’s exports for the first 10 days of this month totaled US$15.791 billion, down 16.2 percent from a year ago.

In that period, semiconductor exports from South Korea dropped 41.2 percent year on year. Likewise, petrochemical product, wireless communication device, precision instrument, consumer electronics, and steel exports decreased 21.6 percent, 31.9 percent, 23.9 percent, 44.9 percent and 13.9 percent, respectively. Automobile exports increased 133.7 percent year on year.

For the 10 days, exports from South Korea to China decreased 35.3 percent from a year earlier. The exports continued to decrease for nine months and 10 days and South Korea’s trade deficit with China lasted for five months. South Korea’s exports to Vietnam, Japan and the European Union decreased 16.4 percent, 7.3 percent and 6.2 percent, respectively.

In the 10-day period, South Korea’s imports increased 2.7 percent to US$20.786 billion. Crude oil, coal, and gas imports totaled US$5.042 billion with a year-on-year increase of 1.6 percent. Coal imports jumped 31.9 percent, while car and semiconductor imports increased 11.8 percent and 1.5 percent, respectively.

As a result, South Korea’s trade deficit in that period is US$4.995 billion. The deficit was US$4.933 billion for the first 10 days of March 2022. Its trade deficit from Jan. 1 to March 10 this year is US$22.775 billion. It has never been in the black since March last year. Its trade deficit was the largest in its history last year, this year’s deficit already reached 48 percent of last year’s, and the current one-year-long deficit is the first in 25 years.

Trade Deficit Increasing Rapidly

The Korea Customs Service announced that South Korea’s exports for the first 10 days of this month totaled US$15.791 billion, down 16.2 percent from a year ago

www.businesskorea.co.kr

 

[beijingwalker]

Korea's Chip export revenue drops 41.5% on year in February​

March 14, 2023

Chip export revenue plunged 41.5 percent on year in February to $6.1 billion, weighed down by weak demand for electronics worldwide.

System-on-chips export volume, which had been relatively strong compared to that of memory chips, also saw a decline for the second consecutive month.

Korea’s information and telecommunication technology export revenue shrank 32 percent on year in February to $12.8 billion, according to the Ministry of Science and ICT Tuesday.

In January, outbound shipments stood at $13.1 billion, down 33.2 percent on year.

It is the eighth consecutive on-year decline in monthly export volume.

As inbound shipments decreased 3.6 percent during the same period to $11 billion, the monthly trade surplus was $1.8 billion in February, compared to the previous year’s surplus of $7.5 billion.

IT technology’s contribution to total exports was 25.6 percent.

Semiconductors, which account for nearly half of total IT exports, saw yet another decline in outbound shipments to $6.1 billion, down 41.5 percent on year.

Memory chip exports nosedived by 53.9 percent to $2.9 billion as dynamic random access memory (DRAM) and NAND flash prices continued to stay low.

The price of DRAM was $1.81 in February, down from the average price of $2.21 in the October-December period last year.

System-on-chip exports also dropped 25.5 percent to $2.7 billion, which marked the second on-year decline in monthly export revenue. In January, system-on-chip export revenue stood at $2.9 billion, down 25 percent on year.

Display equipment and parts exports were $1.3 billion, down 42.2 percent on year.

Handset exports slipped 5.5 percent to $1 billion. Exports of computers and peripherals dropped 58.6 percent to $650 million, with solid-state drive exports plunging 72 percent to $370 million.

Exports to China, which is Korea’s largest IT product importer, declined 39.4 percent to $5.1 billion, with chip export volume shrinking 45 percent to $3.2 billion.

Chip export revenue drops 41.5% on year in February

Chip export revenue plunged 41.5 percent on year in February to $6.1 billion, weighed down by weak demand for electronics worldwide.

koreajoongangdaily.joins.com

 

[Song Hong]

this is fatal to S Korea just like japan. Structurally East Asian economies should not run trade deficit -- for a long time.

Resource rich countries such as Australia or US or EU can run trade deficit.

 

[beijingwalker]

Another victim of the crazy US China containment assignment

 

[PeterboroughAli]

South Korea's Trade Deficit Increasing Rapidly
By Jung Min-hee
March 14, 2023, 10:39

The Korea Customs Service announced that South Korea’s exports for the first 10 days of this month totaled US$15.791 billion, down 16.2 percent from a year ago.

In that period, semiconductor exports from South Korea dropped 41.2 percent year on year. Likewise, petrochemical product, wireless communication device, precision instrument, consumer electronics, and steel exports decreased 21.6 percent, 31.9 percent, 23.9 percent, 44.9 percent and 13.9 percent, respectively. Automobile exports increased 133.7 percent year on year.

For the 10 days, exports from South Korea to China decreased 35.3 percent from a year earlier. The exports continued to decrease for nine months and 10 days and South Korea’s trade deficit with China lasted for five months. South Korea’s exports to Vietnam, Japan and the European Union decreased 16.4 percent, 7.3 percent and 6.2 percent, respectively.

In the 10-day period, South Korea’s imports increased 2.7 percent to US$20.786 billion. Crude oil, coal, and gas imports totaled US$5.042 billion with a year-on-year increase of 1.6 percent. Coal imports jumped 31.9 percent, while car and semiconductor imports increased 11.8 percent and 1.5 percent, respectively.

As a result, South Korea’s trade deficit in that period is US$4.995 billion. The deficit was US$4.933 billion for the first 10 days of March 2022. Its trade deficit from Jan. 1 to March 10 this year is US$22.775 billion. It has never been in the black since March last year. Its trade deficit was the largest in its history last year, this year’s deficit already reached 48 percent of last year’s, and the current one-year-long deficit is the first in 25 years.

Trade Deficit Increasing Rapidly

The Korea Customs Service announced that South Korea’s exports for the first 10 days of this month totaled US$15.791 billion, down 16.2 percent from a year ago

www.businesskorea.co.kr

Shocking country like south Korea in a trade deficit

 

[beijingwalker]

Shocking country like south Korea in a trade deficit

For quite some time by now

S. Korea posts 12th straight month of negative trade balance​

Mar.2,2023 17:10 KST Modified on : Mar.2,2023 17:10 KST
Semiconductor export value was down by 42.5% amid a slump in industry conditions

S. Korea posts 12th straight month of negative trade balance

Semiconductor export value was down by 42.5% amid a slump in industry conditions

english.hani.co.kr

 

[Indos]

Shocking country like south Korea in a trade deficit

Many manufacturing base country poses trade deficit like Japan, South Korea, and Thailand. Countries like India also see surge in its trade deficit where until its end of fiscal year in March 2023 it will be likely about 200 billion USD (1 fiscal year).

Turkey also posted hight trade deficit in 2022 at 109 billion USD.

You see that surge in trade deficit is not only a problem of your origin country, Pakistan. There is something that happen within our global trade that make that possible, particularly since 2021.

Thailand’s economic woes with 10 year high trade deficit, January exports slump by 4.5% - Thai Examiner

Recession odds in the first quarter rose on Thursday when the country’s exports from January fell by 4.5%, a sharper drop than expected.

www.thaiexaminer.com

 

[Indos]

Here, lets check Pakistan trade deficit history until 2021


------------------------------------

UNCTADstat - General Profile: Pakistan

Overview of key economic statistics. The statistical themes covered are: International trade, economic trends, foreign direct investment, external financial resources, population and labor force, information economy and maritime transport.

unctadstat.unctad.org

 

[Song Hong]

Countries like Thailand and India can run some trade deficit but not Korea and Japan.

Australia UK can run trade deficit.

Many people go to college and cant think even after they studied economics.

I take Thailand as example. Why Thailand can run some trade deficit?

Because trade deficit only measure custom import export. But in Thailand, tenth of mllions white man jump in every year and fkfkfkfkfkfk.........

Lots of monies are transferred to Thailand that it is safe even after running trade deficit.

For Korea and Japan, running long term deficit is fatal. I suggest Korean and Japan let Chinese fk their women.

 

[beijingwalker]

Countries like Thailand and India can run some trade deficit but not Korea and Japan.

Australia UK can run trade deficit.

Many people go to college and cant think even after they studied economics.

I take Thailand as example. Why Thailand can run some trade deficit?

Because trade deficit only measure custom import export. But in Thailand, tenth of mllions white man jump in every year and fkfkfkfkfkfk.........

Lots of monies are transferred to Thailand that it is safe even after running trade deficit.

For Korea and Japan, running long term deficit is fatal. I suggest Korean and Japan let Chinese fk their women.

Korea and Japan can't run trade deficit, not because what you listed above, but for they don't have natural resources to keep their economies sustainable.

 

[Song Hong]

Korea and Japan can't run trade deficit, not because what you listed above, but for they don't have natural resources to keep their economies sustainable.

Your part of no natural resource is right... but Thailand also run long term deficit without natural resource and so is UK.....