SEOUL :South Korea on Wednesday posted a record monthly trade deficit for January due mainly to a far worse-than-expected drop in exports, drawing a pledge from government to employ all available resources to revive overseas sales.
Exports fell 16.6 per cent in January from a year earlier, trade ministry data showed, worse than an 11.3 per cent decline predicted in a Reuters survey and the fastest drop in exports since May 2020. "The government will mobilise all available policy resources to help support a drive to boost exports so that the timing of improvement in trade balance can be advanced," Choo said at a scheduled meeting of trade-related officials, without discussing specifics.
"The long holidays both here and in China likely affected the monthly performance, and China's reopening from lockdowns and return from holidays will help, although over time," said Park Sang-hyun, economist at HI Investment and Securities.
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