Korea recorded its biggest deficit in tourism in five years as more Koreans traveled abroad than the number of visiting foreigners, who brought with them changed spending habits.
April logged $56.2 billion in outbound shipments as Korea posted its 11th straight month of trade surplus.
Korea logged a current account surplus for the ninth straight month in January on the back of a continued trade surplus driven by the recovery of chip and car exports, central bank data showed Friday.
Korea's exports increased for the second consecutive month in November, fueled by a surge in semiconductor demand, data showed Friday.
China has surpassed Germany as the top EV exporter to Korea. Chinese-made Teslas and electric buses have contributed to the increase in sales.
The economy is gradually moderating as the weak chip sector has started to improve, according to a report from the state-run Korea Development Institute (KDI) on Monday.
Korea posted a trade surplus for the second month in a row in July, despite exports that fell 16.5 percent on year.
Korea's finance minister said Monday the country's current account surplus could narrow as the trade balance will likely deteriorate amid a hike in energy prices and slowing global demand.
Exports to the United States are rising while exports to China are falling as the largest foreign markets for Korean products take different courses and face different conditions and as Korea gets closer to the United States.
Soaring energy prices are taking a toll on Korea's trade balance while adding to inflationary pressures.
Korea JoongAng Daily Sitemap
