03 August 2022

S. Korea's Trade Deficit with Middle East Surpasses $10 Billion in July

International and Arabic
  • Qatar

Seoul, August 03 (QNA) - South Korea's trade deficit with the Middle East has surpassed the 10 billion dollar mark for the first time in the month of July.
According to the trade ministry and the Korea International Trade Association, the country's trade balance with the Middle East last month recorded a deficit of 10-point-06 billion dollars, or about 13 trillion won, to log an on-year increase in excess of 144%.
This is the first time that the monthly trade balance deficit with the Middle East has exceeded the $10 billion barrier.
The large deficit comes as exports to the Middle East recorded an eleven-point-seven percent on-year increase while imports grew by a whopping 111-point-eight percent on the back of high energy costs.
The country's imports from the Middle East in July recorded the third largest number after $11.57 billion in December 2011 and $11.56 billion in February 2012.
The country's trade deficit with the Middle East last month was 2.2 times larger than the total trade deficit of $4.67 billion, while the trade deficit with the Middle East in the January-July period amounted to $51.73 billion, which is 3.4 times larger than the total trade deficit of $15.02 billion in the same period. (QNA)

Keywords

Economy, International
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