(LEAD) S. Korea posts trade deficit of US$470 mln in Jan.

(ATTN: UPDATES in lead, para 2; ADDS details, comments from para 3)
SEOUL, Feb. 1 (Yonhap) -- South Korea posted a trade deficit of US$470 million in
January mainly due to a surge in energy imports caused by higher prices and a
prolonged cold snap, a government report showed Monday.

The deficit is a sharp turnaround from the $3.09 billion surplus tallied for the
previous month, according to the monthly report by the Ministry of Knowledge
Economy. The negative trade balance is also the first since a $3.76 billion
deficit reported in January 2009.
The provisional findings said the country's exports came to $31.08 billion last
month, up 47.1 percent on-year and the sharpest gain tallied since 1990, while
imports jumped 26.7 percent to $31.55 billion.
"Despite the sharp gains in exports, the rise in raw material imports and crude
oil prices contributed to the overall trade deficit," said Kang Myung-soo, head
of the ministry's export and import division.
He said the average price of Dubai brand crude, which makes up the bulk of the
country's oil imports, hit $76.8 per barrel in January from just $44.1 a year
earlier.
Average temperatures in Seoul for the month stood at minus 4.5 C from minus 2.0 C
the year before, causing a spike in demand for fuel.
The ministry said last month's exports were led by automobile parts,
semiconductors and liquid crystal devices, which all rose by more than three
digits, followed by gains in consumer electronics, petrochemicals and autos.
Auto parts and liquid crystal displays increased 158 percent and 103.4 percent,
respectively, with semiconductors posting gains of 121.6 percent.
Mobile communications and ship exports remained in negative territory.
Inbound shipments of crude oil soared 44.1 percent, with petroleum products
shooting up 201 percent last month compared to the year before.
Outbound shipments to China -- South Korea's largest trading partner -- increased
88.5 percent, while those to the United States and the European Union jumped 12.4
percent and 27.7 percent.
The ministry, meanwhile, predicted that the country will be able to pull off a
modest surplus in February thanks to export gains in ships and information
technology products.
yonngong@yna.co.kr
(END)

Delete & Prev | Delete & Next