ID :
38536
Fri, 01/02/2009 - 15:21
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http://m.oananews.org//node/38536
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S. Korea swings to trade deficit in 2008
(ATTN: ADDS more information from para 6)
By Lee Joon-seung
SEOUL, Jan. 2 (Yonhap) -- South Korea posted its first trade deficit in more than
a decade in 2008 due to the worldwide economic slump and a surge in energy
prices, a government report said Friday.
The trade deficit reached US$12.9 billion last year, compared with a surplus of
$14.6 billion the year before, the Ministry of Knowledge Economy said. It was the
first trade deficit since the $8.4 billion shortfall in 1997.
In December, the country recorded a trade surplus of $670 million, with exports
falling 17.4 percent annually to $27.3 billion and imports sinking 21.5 percent
to $26.6 billion, the ministry said. It was the third consecutive monthly trade
surplus.
Annual exports rose 13.7 percent on-year to a record high of $422.4 billion, with
imports shooting up 22 percent to $435.4 billion, the ministry said.
"Global hikes in crude oil and other raw material prices were the main
contributor to the annual deficit, with exports being led by ships that surpassed
the $40 billion mark for the first time this year," said Kang Myung-soo, head of
the ministry's export-import division.
According to the preliminary report, crude oil imports soared 42.3 percent during
the year, with gas and coal also shooting up 55.9 percent and 99.6 percent
respectively.
Outbound shipments led by solid market gains into developing economies rose 22.6
percent in the first nine months of the year, but fell 9.5 percent in the fourth
quarter as the financial crisis in the United States rocked world markets and
caused a drying up of consumer demand and business investments.
Petroleum products, ships, steel, general machinery, telecommunications, auto
parts, petrochemical and displays reported double digit gains last year vis-a-vis
2007, while textiles, autos, consumer electronics, semiconductors and computers
all posted loses compared to 2007.
Exports to the Middle East, Oceania, Latin America and the Association of
Southeast Asian Nations rose between 27-35 percent annually last year, while
those for Japan and the European Union gained 8 percent and 5 percent each.
Exports to the United States only rose 1 percent compared to the year before, the
ministry said.
yonngong@yna.co.kr
(END)
By Lee Joon-seung
SEOUL, Jan. 2 (Yonhap) -- South Korea posted its first trade deficit in more than
a decade in 2008 due to the worldwide economic slump and a surge in energy
prices, a government report said Friday.
The trade deficit reached US$12.9 billion last year, compared with a surplus of
$14.6 billion the year before, the Ministry of Knowledge Economy said. It was the
first trade deficit since the $8.4 billion shortfall in 1997.
In December, the country recorded a trade surplus of $670 million, with exports
falling 17.4 percent annually to $27.3 billion and imports sinking 21.5 percent
to $26.6 billion, the ministry said. It was the third consecutive monthly trade
surplus.
Annual exports rose 13.7 percent on-year to a record high of $422.4 billion, with
imports shooting up 22 percent to $435.4 billion, the ministry said.
"Global hikes in crude oil and other raw material prices were the main
contributor to the annual deficit, with exports being led by ships that surpassed
the $40 billion mark for the first time this year," said Kang Myung-soo, head of
the ministry's export-import division.
According to the preliminary report, crude oil imports soared 42.3 percent during
the year, with gas and coal also shooting up 55.9 percent and 99.6 percent
respectively.
Outbound shipments led by solid market gains into developing economies rose 22.6
percent in the first nine months of the year, but fell 9.5 percent in the fourth
quarter as the financial crisis in the United States rocked world markets and
caused a drying up of consumer demand and business investments.
Petroleum products, ships, steel, general machinery, telecommunications, auto
parts, petrochemical and displays reported double digit gains last year vis-a-vis
2007, while textiles, autos, consumer electronics, semiconductors and computers
all posted loses compared to 2007.
Exports to the Middle East, Oceania, Latin America and the Association of
Southeast Asian Nations rose between 27-35 percent annually last year, while
those for Japan and the European Union gained 8 percent and 5 percent each.
Exports to the United States only rose 1 percent compared to the year before, the
ministry said.
yonngong@yna.co.kr
(END)
