S.Korea Trade Deficit Deepens In April, Slowest Export Growth In 14 Months

South Korea's exports grew at their slowest pace in 14 months in April, with the trade deficit in goods deepening as a continued rise in energy and raw materials prices pushed up the country's imports.

Exports in April grew 12.6% from a year earlier to $57.69 billion, trade ministry data showed on Sunday, logging the slowest pace since February 2021 and missing a forecast for 14.5% growth in a Reuters' poll.

The rate was also slower than an 18.2% rise in March.

A breakdown by items showed exports of semiconductors, the country's top foreign exchange earner, jumped 15.8%, while petrochemical products rose 6.8%. Outbound shipments of oil and steel products jumped 68.8% and 21.1%, respectively.

By destination, exports to China, South Korea's biggest trading partner, decreased 3.4%, while those to the United States and the European Union increased 26.4% and 7.4%, respectively.

Imports, meanwhile, jumped 18.6% to $60.35 billion, with a combined $14.81 billion worth of imports of crude oil, gas and coal taking the lead. That brought the trade balance to a $2.66 billion deficit, after logging a $115 million deficit in March.