Photo : YONHAP News
South Korea’s trade deficit with the Middle East has surpassed the 10 billion dollar mark for the first time in the month of July.
According to the trade ministry and the Korea International Trade Association, the country’s trade balance with the Middle East last month recorded a deficit of 10-point-06 billion dollars, or about 13 trillion won, to log an on-year increase in excess of 144 percent.
The large deficit comes as exports to the Middle East recorded an eleven-point-seven percent on-year increase while imports grew by a whopping 111-point-eight percent on the back of high energy costs.
South Korea’s crude oil imports in the first seven months of this year were up nearly 266 percent compared to the same period last year.
The price of Dubai crude, the nation’s benchmark, exceeded 103 dollars per barrel in July, up more than 41 percent on-year, as energy prices continue to skyrocket amid the prolonged war between Russia and Ukraine.