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Korea posted a trade deficit of US$800 million in February due to an increase in oil imports. Although the amount decreased from the 11-year record deficit of $3.7 billion dollars in January, the country has now posted a trade deficit for three months in a row, forcing the government to revise its goal to earn a $13 billion trade surplus this year.
According to tentative figures announced by the Ministry of Knowledge Economy on Monday, exports grew 20.2 percent to $31.54billion while imports jumped 27.3 percent to $32.34 billion. The $800 million trade deficit pulled up the accumulated trade deficit to $4.5 billion. Despite bullish exports, the three-month deficit occurred due to a surge in the prices of raw materials including oil. Exports were good overall, but Korean companies' performance was poor in key markets like the U.S. and China. Korean exports increased a mere 6.2 percent to the country¡¯s largest importer China, which accounts for 20-22 percent of Korean exports. Exports to the U.S. and Europe declined 19.7 percent and 3.4 percent respectively due to sluggish exports of cars and semiconductor chips.
(englishnews@chosun.com )
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