Trade
Korea Trade Deficit Swells to Record on Weak Won, Strong Energy
- Deficit almost doubles to $9.5 billion on commodity imports
- Semiconductor exports decline as chip demand wanes worldwide
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South Korea posted a record trade deficit in August as the currency hovered around a 13-year-low and energy prices remained elevated, swelling the cost of imports and amplifying pressure on exporters.
The shortfall almost doubled to $9.5 billion, the biggest in data going back to at least 2000, the trade ministry said Thursday. While a 6.6% gain in exports exceeded economists’ expectations, it was dwarfed by imports soaring 28.2%.