S. Korea likely to achieve trade surplus target this year: finance minister

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SEOUL, Feb. 17 (Yonhap) -- South Korea is expected to post a trade surplus this
month and also achieve its annual target of US$20 billion despite growing
external factors, Seoul's top financial policymaker said Wednesday.
The comments were made by Finance Minister Yoon Jeung-hyun during a meeting with
other economy-related ministers earlier in the day intended to review economic
and financial conditions at home and abroad.
"Despite somewhat volatile conditions in the global economy, oil prices and
currency exchange rates, our trade account will likely turn to a surplus in
February and without little difficulty we will be able to achieve the $20 billion
annual surplus target for this year," Yoon told the meeting.
Saying that exports are a key area that props up South Korea's economy, he noted
that the government will closely watch developments in other key export markets
in order to minimize impact from possibly mounting external uncertainties.
South Korea posted a trade deficit of $470 million in January, marking the first
shortfall since a $3.76 billion deficit reported in January 2009. The deficit was
attributed to a surge in energy imports caused by higher prices and a prolonged
cold snap.
Concerns flared up recently as some European countries were gripped by ballooning
fiscal problems in the wake of their expanded spending to tide over the worldwide
recession. The debt woes are feared to undercut the nascent global momentum for
economic rebound.
The government still forecast that the economy will grow 5 percent this year
after a 0.2 percent expansion last year. It will stick to "expansionary"
economy-boosting policy stance for some time until a sustained economic recovery
is secured, Yoon earlier said.
kokobj@yna.co.kr
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