SEOUL (XINHUA) – South Korea’s export logged double-digit growth in the first month of this year due to the continued recovery in global demand from the COVID-19 pandemic, a government report showed yesterday.
Export, which accounts for about half of the export-driven economy, came in at USD55.32 billion in January, up 15.2 per cent from a year earlier, according to the Ministry of Trade, Industry and Energy.
Import soared 35.5 per cent over the year to USD60.21 billion last month, sending the trade deficit to USD4.89 billion. The trade deficit surpassed the previous monthly high of USD4.04 billion in January 2008, staying in red for two straight months.
The January export topped USD50 billion for the first time amid the global demand recovery from the pandemic.
The outbound shipment continued to rise in double figures for the 11th consecutive month since March last year.
Import grew at a faster pace than export on the back of the higher global energy cost.