South Korea posted a $1.39 billion trade deficit for the first 10 days of March, customs agency data showed on Friday, with soaring commodities prices heightening pressure on the trade-reliant economy.
Exports during the period rose 14.9% year-on-year to $18.74 billion, boosted by a 28.5% jump in sales of semiconductors, the nation’s top foreign exchange earner, and a 98.8% surge in those of petroleum products.
Shipments of steel products also jumped 25.6%.
Data showed overall exports to China, the country’s biggest trading partner, rose 13.5%, while sales to the US and European Union also increased 7.2% and 9%, respectively.
Imports for March 1-10 period rose 15.3% from a year earlier to $20.13 billion, mostly due to a sharp rise in the price of commodities.
Imports of crude oil, gas and petroleum products soared 43.6%, 87% and 46.3%, respectively, while purchases of semiconductors also jumped 18.8%.
Oil prices hit their highest since 2008 earlier this week, with the United States banning imports of Russian oil as a punishment for the invasion of Ukraine. Russia exports around 7 million bpd of oil and refined products or 7% of global supply.
By country, overall imports from China and the US increased 18.3% and 0.8%, respectively, while those from Saudi Arabia expanded 109.2% from a year earlier.
- Reuters, with additional editing by George Russell
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