South Korea logs record trade deficit as tech demand falls

By KIM TONG-HYUNG
Associated Press

SEOUL, South Korea (AP) — South Korea has logged its biggest monthly trade deficit ever, at $12.7 billion in January, as exports of computer chips and other high-tech items sank and costs for importing oil and gas surged. The growing shortfall underscored how Russia’s war on Ukraine is straining the global economy. South Korea’s export-dependent economy has logged a deficit for 11 consecutive months, the longest streak since 1997 when it was on the cusp of the Asian financial crisis. The trade ministry said exports of computer chips, South Korea’s most important product, declined by nearly 45% last month from a year earlier because of slowing demand and falling chip prices.