South Korea posted a deficit in its balance of sea transport in 2016 for the first time, the central bank said Friday as the local shipping industry was hit hard by troubles at Hanjin Shipping.
South Korea's deficit in the balance of sea transport reached US$530.6 million in 2016. The Bank of Korea began to collect related data in 2006.
South Korea recorded its highest surplus of $7.08 billion in the balance of sea transport in 2012, though the surplus was reduced to $4.3 billion in 2015 due mainly to a global slump in the shipping industry.
The deficit came as South Korea was hit by the court receivership of Hanjin Shipping, South Korea's largest shipping firm and the world's seventh largest, last year.
Earlier in the day, the Seoul Central District Court declared bankruptcy for Hanjin Shipping.
Hanjin Shipping and local shippers have been under financial strain due to falling freight rates stemming from an oversupply of ships and a protracted slump in the global economy. (Yonhap)