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S. Korea's trade deficit extended on high energy prices

TOKYO, June 1 (KUNA) -- South Korea suffered a trade deficit in May due to high global energy prices, although its exports rose 21.3 percent from a year earlier on solid demand for chips and petroleum products, Yonhap News Agency reported Wednesday.
Outbound shipments stood at USD 61.52 billion last month, up for the 19th consecutive month, according to the data compiled by the Ministry of Trade, Industry and Energy. It is the highest tally for any May since the ministry began compiling related data in 1956. But high global energy prices amid the crisis surrounding Ukraine also pushed up the country's imports last month, leading the country to suffer a trade deficit for the second consecutive month.
Imports jumped 32.0 percent on-year to USD 63.22 billion on soaring global energy prices, leading the country to post a trade deficit of USD 1.71 billion, the data showed. South Korea depends on imports for most of its energy needs, and the country's energy imports spiked 84.4 percent on-year in May, the ministry said. By nation, exports to the US, the European Union, the Association of Southeast Asian Nations (ASEAN) and India reached a record high for any May ever. But exports bound for the Commonwealth of Independent States (CIS) plunged due to the Russia-Ukraine war, the ministry said. (end) mk.aa