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By Anna J. Park

The Korean economy is witnessing growing concerns about its ever-increasing trade deficit, which has exceeded the $10-billion mark this year alone, as the country is expected to log a trade deficit in May for the third consecutive month. Analysts say the trend will continue for a while, with a twin deficit becoming more likely.

According to the Korea Customs Service last week, the trade deficit during the first three weeks of May stood at $4.82 billion. While exports totaled $38.61 billion during the period, which is a 24.1-percent increase year-on-year, the trade balance remained at a minus level, as imports increased 37.8 percent to $43.4 billion.

As the cumulative trade deficit so far this year nears $11 billion, market watchers say the Korean economy is highly likely to post an annual trade deficit by the end of this year. They also express worries that this year's trade deficit might reach a record high. The worst annual trade deficit ― of $20.6 billion ― was posted in 1996. Given that this year's trade deficit is already about $11 billion as of mid-May, it is possible that Korea could set a new record of the all-time high annual trade deficit this year.