November 5, 2022, Korea, Pusan: Containers are loaded from the container freighter “Alula Express” at Busan Newport International Terminal, one of the public ports in the world. the world’s largest container. Photo: Bernd von Jutrczenka/dpa (Photo by Bernd von Jutrczenka/photo alliance via Getty Images)
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South 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 began compiling data in 1956 and far higher than the $20.6 billion trade deficit in 1996.
January exports fell by $46.3 billion, or 16.6% – more than expected for a drop of 11.3%. Imports fell $59 billion, or 2.6%, less than forecast for a 3.6% drop.
That resulted in a $12.7 billion deficit in January, more than the $9.27 billion economists polled by Reuters expected.
The Koreans won traded at 1,232.24 against the US dollar after the report.
“There is some expectation that the world economy will not face a difficult situation as predicted thanks to the reopening of China and the unexpected growth from surrounding economies”. Wednesday.
South Korea’s Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks to his staff attending the G-20 Finance Ministers Meeting in Bali, Indonesia on July 16, 2022.
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“The widening trade deficit in January is widely attributed to seasonal factors such as energy imports for winter exports, as well as a sudden drop in chip prices, leading to a worsening picture,” said Choo. speak.
This comes as global smartphone shipments fell 18% to 296.9 million units in the final quarter of 2022 due to falling demand, according to the report. Canalys.
Canalys analyst Sanyam Chaurasia said: “Despite showing some stabilization in Q3, Asia Pacific and Europe suffered their worst Q4 operating results on record in 2022,” said Canalys analyst Sanyam Chaurasia, adding that shipments in Asia-Pacific fell 8% in 2022 despite resilience throughout the year.
On Tuesday, chip maker Samsung Electronics reported its worst quarterly profit in eight years, while SK Hynix also reported a record loss during this period.
