South Korea's foreign trade deficit sees record level

ISTANBUL

South Korea posted a foreign trade deficit of $12.7 billion in January, a historical high, official figures showed on Wednesday.

The country's exports fell by 16.6% to $46.3 billion in January on a yearly basis, while imports dropped by 2.6% to $59 billion, the Trade, Industry and Energy Ministry said.

The ministry said the decline in exports stemmed from high inflation and interest rates, and other negative conditions currently affecting global economy.

South Korea's chip exports dropped by 44.5% over the same period, petrochemicals 25%, displays 36%, and steel by 25.9%.