Seoul (South Korea), August 1: South Korea suffered a trade deficit for the fourth consecutive month in July over high global energy prices, though its exports rose 9.4 percent on-year on solid demand for chips, data showed Monday.
Outbound shipments stood at US$60.7 billion last month, up from $55.5 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
It is the highest tally for any July since the ministry began compiling related data in 1956. The previous record was set a year earlier.
July also marked the 21st consecutive month that the country's exports have logged an on-year expansion.
But the country posted a trade deficit of $4.67 billion last month, as imports jumped 21.8 percent on-year to $65.37 billion on soaring global energy prices.
Dubai crude, South Korea's benchmark, rose to $103.14 per barrel in July on average from $72.93 a year earlier.
South Korea depends on imports for most of its energy needs, and the country's energy imports surged 90.5 percent on-year to $18.5 billion in July, according to the ministry.
Imports have exceeded exports in South Korea since April, and it is the first time since 2008 that the country suffered a trade deficit for four months in a row.
The deficit had grown from $1.61 billion in May and $2.57 billion in June. The figure for April came to $2.48 billion.
Overseas demand for the country's key export items hit an all-time monthly high last month.
Sales of semiconductors went up 2.1 percent on-year, and those of petroleum products surged 86.5 percent in July to lead the overall export growth.
Outbound shipments of vehicles and vessels advanced 25.3 percent and 29.2 percent, respectively, last month, and rechargeable batteries enjoyed 11.8 percent sales growth, according to the data.
By nation, exports to the United States reached an all-time high last month, and those to ASEAN, the European Union, India and the Middle Eastern nations marked a double-digit on-year growth in July.
Shipments to China, however, went down amid its economic slowdown, and exports bound for the Commonwealth of Independent States also tumbled over the ongoing conflict surrounding Ukraine, the ministry said.
Source: Yonhap
