$ 56.7 billion in August increased 7% in August… Trade deficit for 5 months

The Ministry of Trade, Industry and Energy announced on the 1st that last month, exports were tentatively aggregated to $ 56.7 billion, up 6.6% from a year ago. It is the most common in August exports.

Among the major export items, petroleum products, automobiles, and secondary batteries have increased their earnings. Petroleum exports surged 113.6% from a year ago. Automobiles (35.9%) and secondary batteries (35.7%) also increased significantly. Semiconductor exports decreased 7.8%. The Ministry of Industry said that the demand for semiconductors has decreased and exports have decreased worldwide.

As China’s economic growth slowed down, exports to China fell 5.4%. The exports of emerging markets grew, with India exports 27.1% and the Southeast Asian National Union (ASEAN, ASEAN) exports increased by 21.7%. The US and EU exports also increased 13.7% and 7.3%, respectively.

Last month, imports rose 28.2% to $ 66.5 billion, the highest. The amount of imports is higher than the export amount, so trade balance is in the red for five months. The trade deficit was estimated at $ 9.47 billion.

The Ministry of Industry explained that energy and raw materials, including crude oil and gas, increased their imports, resulting in a trade deficit.

Leave a Reply

Your email address will not be published.