South Korea ran the worst trade deficit in its history

South Korea ran a trade deficit of $47.5 billion in 2022.

South Korea posted a trade deficit of $47.5 billion for 2022, according to official data from the customs office.

That number is the worst trade deficit since the agency began collecting information in 1956, well above the $20.6 billion trade deficit in 1996.

January exports decreased by 16.6 percent to 46.3 billion dollars. Economists had expected a 11.3 percent decline. Imports, on the other hand, decreased by 2.6 percent to 59 billion dollars. Expectations were in the direction of 3.6 percent.

Following the report, the Korean won traded at 1,232.24 against the US dollar.

“There are some expectations that the world economy will not face as much distress as expected, thanks to the reopening of China and the unexpected growth from surrounding economies,” South Korean Economy and Finance Minister Choo Kyung-ho said.