South Korea activates energy-saving actions amid lingering trade deficit induced by surging costs

South Korea has suffered trade deficit for six consecutive months for the first time in 25 years due to surging energy costs, according to statistics released by the Ministry of Industry, Trade and Energy of South Korea on Saturday.

South Korea’s trade deficit in September hit 3.77 billion US dollars due to soaring energy prices. In August, the trade deficit once approached the 10 billion US dollar mark, the highest level in 66 years.

The data showed that South Korea’s imports in September increased by 18.6% year on year to 61.23 billion US dollars due to higher energy prices.

Among them, crude oil, natural gas and other energy imports amounted to 17.96 billion US dollars, indicating a hike of 81.2% over the same period last year.

Under the backdrop of soaring energy prices, the South Korean government required public institutions to save 10% of energy consumption from October, and called on major companies and individuals to join the energy-saving actions.