In a report by the Ministry of Industry, data showed South Korea’s exports fell for the seventh consecutive month in April, by 41 percent, due to lower global demand for semiconductors.
Outbound shipments fell 14.2 percent year-on-year to $49.6 billion last month, according to data from the Department of Commerce, Industry and Energy.
The ministry said imports fell 13.3% year-on-year to $52.2 billion in April, as the country’s energy imports fell 25.8% year-on-year, pushing the deficit of the trade balance at $2.6 billion in April.
South Korea’s imports have exceeded exports since April last year due to rising energy prices, marking the first time since 1997 that the country has recorded a trade deficit for the 14th consecutive month.
The Ministry of Commerce, Industry and Energy revealed in an earlier report that it plans to increase its export volume for this year to $685 billion, which is a slight change from the achievements of last year in the face of external challenges.
South Korea’s exports rose in 2022 by 6.1% year-on-year to a record high of $684 billion, due to strong demand for chips at the time, but it posted a deficit trade of $47.2 billion, the first since 2008.
The ministry said it plans to spend $1.1 billion to support exports and provide $270 billion in trade finance to exporters, offer more tax cuts to chipmakers, support its research projects and sponsor 150,000 additional experts in the field.
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