S Korea’s Aug petrochemical exports fall 11.7% as overall trade deficit soars

SINGAPORE (ICIS)–South Korea’s petrochemical exports fell by 11.7% year on year to $4.4bn in August, with the country posting an overall trade deficit after imports jumped on the back of high global energy prices, official data showed on Thursday.

The country’s overall exports rose by 6.6% year on year to $56.7bn in August while imports were up by 28.2% to $66.2bn, data from the Ministry of Trade, Industry and Energy (MOTIE) showed.

This resulted in a trade deficit of around $9.5bn, marking the fifth straight month that imports have exceeded shipments abroad, and up sharply from the $4.8bn deficit in July.

The country’s energy imports surged by 91.8% year on year to $18.5bn in August, the ministry said.

South Korea’s exports of semiconductors, which account for about 20% of its overall shipments abroad, fell by 7.8% year on year to $10.8bn in August amid poor demand and a fall in prices, it said.

Exports of petroleum products more than doubled in August from the same period a year earlier to $6.57bn while shipments of vehicles were up by 35.9%.

South Korea’s exports to China, its largest trade partner in August, dropped by 5.4% year on year while those to the US were up by 13.7%.