Seoul: Customs authorities announced they have initiated a special investigation as the discrepancy between trade payments and actual export and import figures reported to authorities exceeded 400 trillion won (US$278.7 billion) this year. The Korea Customs Service (KCS) disclosed that the gap between trade payments processed through banks and the customs-cleared trade volumes amounted to 427 trillion won from January to November.

According to Yonhap News Agency, this gap is the largest recorded in the past five years. Discrepancies between customs-reported trade values and actual payments are typically attributed to timing differences in trade settlements. However, the KCS indicated that the unusually large divergence this year could suggest intentional delays or failures to make or receive payments, aiming to exploit volatilities in the foreign exchange market illegally.

In light of these findings, the KCS has commenced a nationwide special inspection targeting illegal trade and foreign exchange practices. This crackdown will focus on violations such as the failure to recover trade payments, irregular settlement methods involving virtual assets, and foreign currency smuggling through manipulated import prices.