SEOUL :South Korea's exports grew at their slowest rate in nearly a year in January, while a sharp rise in energy demand and prices pushed the country's trade deficit to a record high.
However, the rate was down from an 18.3per cent rise in December and the slowest since February 2021. A Reuters' poll of 10 economists had expected 15.5per cent growth. By destination, exports to China, South Korea's biggest trading partner, gained 13.1per cent, and those to the United States and European Union rose 1.6per cent and 13.3per cent.
"The growth in imports outpacing that of exports due to a surge in the cost of imported crude oil, gas and coal is the main reason behind January's deficit," the trade ministry said.
Source: Energy Industry News (energyindustrynews.net)
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