The country posted a record-high monthly trade deficit in August as the cost of importing energy soared.
According to the Ministry of Trade, Industry and Energy on Thursday, the country’s outbound shipments came to 56-point-six billion U.S. dollars in the cited period, up six-point-six percent from a year earlier.
Imports jumped by 28-point-two percent on-year to 66-point-one billion dollars last month.
Accordingly, the nation posted a trade deficit of nine-point-47 billion dollars in August, logging the largest trade deficit since compiling related statistics 66 years ago. The shortfall was almost twice the previous high of four-point-nine billion dollars in January.
It was also the fifth straight month of deficit, the first such streak in 14 years since 2008.
This year saw the highest exports for the month of August and posted on-year growth for the 22nd consecutive month.
Imports, however, exceeded exports to post a record high, with energy imports soaring eight-point-nine billion dollars on-year to 18-point-five billion dollars in August.
Source: KBS World Radio