South Korea’s tax revenue increased by almost 14 trillion won in the first quarter of this year from a year ago.

The Finance Ministry said on Tuesday that national tax revenue reached 64 trillion won in the January-March period, up 13-point-eight trillion won from the same period last year.

Despite the increased tax revenue, the government is posting fiscal deficits as it is frontloading this year's budget.

The government posted a fiscal deficit of 23-point-four trillion won in the first three months.

The government’s total revenue marked 103-point-four trillion won, while its spending reached 117-point-five trillion won, recording a deficit of 14-point-one trillion won.

The ministry said it will closely monitor economic trends and tax revenues amid persisting external economic uncertainties such as economic slowdowns in the U.S. and China.