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Trade

South Korea Posts Longest Run of Trade Deficits Since 1997

  • Exports eke out 2.8% growth amid concerns about global outlook
  • Weakening won, elevated energy prices hurt Korea’s bottom line
Resilient export growth has been a major factor bolstering the confidence of Bank of Korea board members to keep raising rates. 

Resilient export growth has been a major factor bolstering the confidence of Bank of Korea board members to keep raising rates. 

Photographer: SeongJoon Cho/Bloomberg
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South Korea recorded its longest string of trade deficits since the Asian financial crisis in 1997 as elevated energy and commodity prices resulted in imports continuing to outpace exports.

The deficit was $3.77 billion in September, the sixth straight monthly shortfall, according to data released Saturday by the trade ministry. Imports climbed 18.6% from a year earlier, while exports advanced 2.8%.