South Korea posts worst trade deficit in history

South Korea reported a trade deficit of $47.5 billion in 2022. According to official data from the customs agency, South Korea recorded a trade deficit of $47.5 billion for 2022. The figure is the worst trade deficit since the agency began collecting data in 1956 and far exceeds the $20.6 billion trade deficit in 1996. Exports in January fell 16.6 percent to $46.3 billion. Economists had expected an 11.3 percent decline. Imports fell 2.6 percent to $59 billion. Expectations were for a 3.6 percent decline. The Korean won traded at 1,232.24 against the U.S. dollar after the report. "There are some expectations that the world economy will not face as difficult a situation as expected, thanks to China's reopening and the unexpected growth from peripheral economies," South Korean Economy and Finance Minister Choo Kyung-ho said.