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South Korea posts the worst trade deficit in its history



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05 November 2022, South Korea, Pusan: Containers are loaded from the container freighter “Alula Express” at Busan Newport International Terminal, one of the largest container ports in the world. Photo: Bernd von Jutrczenka/dpa (Photo by Bernd von Jutrczenka/picture alliance via Getty Images)Picture Alliance | Picture Alliance | Getty ImagesSouth Korea recorded a trade deficit of $47.5 billion for 2022, official data from the customs agency showed.It marked the worst trade deficit since the agency started compiling data in 1956 and far more than the $20.6 billion trade deficit in 1996.related investing news 4 hours agoJanuary exports fell $46.3 billion, or 16.6% – declining more than expectations for a drop of 11.3%. Imports fell $59 billion, or 2.6%, falling less than forecasts of a 3.6% decline.That resulted in a deficit of $12.7 billion for January, more than the $9.27 billion expected by economists polled by Reuters.The Korean won traded at 1,232.24 against the U.S. dollar following the report.”There’s some expectation that the world economy won’t be facing as difficult of a situation as expected thanks to China’s reopening and unexpected growth from surrounding economies,” South Korea’s minister of economy and finance Choo Kyung-ho said in a meeting with officials on Wednesday.South Korea Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks with his staff attending the G-20 Finance Ministers Meeting in Bali, Indonesia on July 16, 2022.Sonny Tumbelaka | AFP | Getty Images”The widening trade deficit seen in January is widely seen to be due to seasonal factors such as an import …

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