The trade deficit started, and the high price system started from the twin deficit.
As of August 20, the Korea Customs Service recorded a trade deficit of $3.5 billion with exports of $32.2 billion and imports of $35.8 billion, up 40.9% ($9.36 billion) and 52.1% ($12.25 billion), respectively, from the same period of the previous year.
This year's annual exports are 390.9 billion dollars and imports 374.7 billion dollars, respectively, compared to the same period of the previous year by 27.7% (84.71 billion dollars) and 28.2% (82.42 billion dollars), respectively, the increase in imports.
The trade deficit of US$3.5 billion in August (through the 20th) is six times higher than the deficit of US$600 million in the same period of the previous year.
Imports of 'materials, parts and equipment' trade with China increased 10.5 times from USD 5 billion in 2001 to USD 53.53 billion in 2019, and memory semiconductors accounted for 13.3% of the total imports of small divisions, with absolute dependence. has risen
Imports of small, sub-division, and chapters to Japan increased 1.8 times from $18.13 billion in 2001 to $31.8 billion in 2019, and the focus was on diode transistors and similar semiconductor devices, hot-rolled and extruded products, the Korea Institute for International Economic Policy reported on the 23rd. said,
In August, compared to the same period of the previous year, exports of semiconductors (39.8%), petroleum products (55.3%) and passenger cars (37.0%) slowed down, followed by home appliances (0.1%).
Imports increased significantly from crude oil (90.3%), semiconductors (17.3%), petroleum products (200.4%), gas (198.2%) and passenger cars (21.5%), followed by China (40.7%), the United States (60.3%), the European Union (40.4%), and Japan. (27.1%) Australia (150.7%) and Saudi Arabia (138.5%), such as high growth rate, contributed to the trade deficit.
The national debt was estimated at 964 trillion won this year by the National Assembly and is expected to exceed 1,000 trillion won next year.
According to the National Assembly Budget Office’s ‘National Debt Clock’, the national debt per capita was 12.12 million won at the end of 2016, 18 million won in August this year, and 20 million won next year.
The government's budget growth rate (compared to the previous year) is expected to increase from 7.1% in 2018, 9.55 in 2019, 9.1% in 2020, and 8.9% in 2021, to more than 8% this year.
The average budget growth rate for the four years of the previous administration was 4.02% per annum, but the budget growth rate of the Moon Jae-in administration is 8% per annum and the economic growth rate is below 4%.
Government spending soared 1.5 times over five years from 400.5 trillion won in 2018, and the national debt soared 1.6 times.
The Korea Institute for Industrial Economics and Trade announced on the 23rd that, as a result of a survey index (PSI) of 186 experts by industry, the manufacturing industry status PSI in August was 109, down from the previous month (114), the fifth consecutive month-on-month decline.