S. Korean exports plunge 18.3 pct in November

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By Lee Joon-seung
SEOUL, Dec. 1 (Yonhap) -- South Korean exports nosedived 18.3 percent from a year
earlier to US$29.26 billion in November due to a global recession, a government
report showed Monday, dealing a blow to the export-driven economy.

The country's imports also dropped 14.6 percent to $28.96 billion last month,
resulting in a trade surplus of $297 million, according to the report by the
Ministry of Knowledge Economy.
November's drop in exports was the largest since December 2001 when overseas
shipments tumbled 20.4 percent on-year. The trade surplus marks the third time
this year that total exports exceeded imports on a monthly basis. The nation's
trade deficit came to $13.34 billion in the first 11 months of this year.
According to the report, ship exports surged 34.7 percent on-year in November,
but overseas shipments of all other major export items dropped by double digits.
Exports of auto parts and petrochemicals fell 30.8 percent and 36.6 percent
respectively, while those for general machinery were down 24.4 percent.
Of the top five imports, crude oil and processed petroleum goods fell 15 percent
and 30 percent each, while those for coal, natural gas and steel made gains.
Outbound shipments to both advanced industrialized countries and developing
economies fell last month, but exports to the Middle East surged 30.6 percent,
the report said.
The plunge in exports bodes ill for South Korea's export-oriented economy which
is also suffering from stubbornly flaccid domestic demand.
Many private economists predict that the growth rate of the Korean economy,
Asia's fourth-largest, could drop to the 3-percent range in 2009 as a global
economic downturn is expected to make a big dent in its exports, with its private
consumption unlikely to recover.
yonngong@yna.co.kr
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