S. Korea posts trade deficit in Jan. on higher oil, raw material prices

SEOUL, Feb. 12 (Yonhap) -- South Korea posted a trade deficit for the first time
in a year last month due to increased spending on imports as prices for oil and
raw materials rose, the customs office said Friday.

The deficit amounted to US$460 million last month, a turnaround from the $3.09
billion surplus reported for the previous month, according to a report by the
Korea Customs Service. This marked the first shortfall since January 2009 when
the nation posted a deficit of $3.76 billion, it added.
The January figure, however, was smaller than the $470 million projected by the
Ministry of Knowledge Economy earlier this month.
Exports came to $31.01 billion last month, up 46.7 percent from a year earlier
driven by brisk sales of semiconductors and display devices, the report showed.
Outbound shipments of semiconductors jumped 118.3 percent, leading the overall
export growth. Shipments of LCD devices spiked 103.3 percent over the cited
period, while exports of vehicles rose 62 percent from a year earlier, the report
showed.
Imports also grew 26.4 percent to $31.47 billion last month due to higher oil and
raw material prices. Purchase of crude oil rose 43.9 percent, with imports of
minerals and nonferrous metals jumping 66.4 percent and 83.2 percent,
respectively, according to the report.
kokobj@yna.co.kr
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