ID :
23424
Thu, 10/09/2008 - 12:14
Auther :
Shortlink :
https://www.oananews.org//node/23424
The shortlink copeid
Companies should refrain from importing non-essential goods: official
By Lee Joon-seung
SEOUL, Oct. 9 (Yonhap) -- A senior government policymaker on Thursday urged local businesses to refrain from importing non-essential goods as part of the country's effort to improve its balance of trade.
Knowledge Economy Minister Lee Youn-ho told a gathering of senior umbrella
business group officials and trading company executives that the surge in certain
imports were adversely affecting the balance of trade and fueling economic
uncertainties in Asia's fourth largest economy.
"Companies should try not to import goods that they do not need immediately," the
official in charge of the country's trade policy said.
The remarks comes as the country's trade deficit ballooned to $14.24 billion as
of late September from a surplus of $11.93 billion in the same period last year.
The deficit has fueled that sharp depreciation of the Korean won against the U.S.
dollar, which is destabilizing the financial sector and starting to hurt the
economy as a whole.
The ministry said in the past few weeks that actions by companies to hoard some
products in anticipation of higher prices is fueling imports.
"Steel products from China are one category that has been imported in great
quantities by construction companies despite hard times for most builders," a
government official claimed. Steel imports from China surged 118 percent last
month.
He added that authorities were closely keeping tabs on the import of crude oil,
gas, petroleum products, coal and steel, whose imports have soared 68.5 percent
as of late September from the year before.
In addition to asking companies to reduce imports, the government plans to work
with exporters to help them increase overseas sales and find niche markets that
are less affected by the ongoing global financial crisis and slowdown in economic
activities.
It said attention will also be paid to increasing industrial plant exports that
have risen sharply this year thanks to extra cash earned by resource-rich
countries in the Middle East.
yonngong@yna.co.kr
(END)
SEOUL, Oct. 9 (Yonhap) -- A senior government policymaker on Thursday urged local businesses to refrain from importing non-essential goods as part of the country's effort to improve its balance of trade.
Knowledge Economy Minister Lee Youn-ho told a gathering of senior umbrella
business group officials and trading company executives that the surge in certain
imports were adversely affecting the balance of trade and fueling economic
uncertainties in Asia's fourth largest economy.
"Companies should try not to import goods that they do not need immediately," the
official in charge of the country's trade policy said.
The remarks comes as the country's trade deficit ballooned to $14.24 billion as
of late September from a surplus of $11.93 billion in the same period last year.
The deficit has fueled that sharp depreciation of the Korean won against the U.S.
dollar, which is destabilizing the financial sector and starting to hurt the
economy as a whole.
The ministry said in the past few weeks that actions by companies to hoard some
products in anticipation of higher prices is fueling imports.
"Steel products from China are one category that has been imported in great
quantities by construction companies despite hard times for most builders," a
government official claimed. Steel imports from China surged 118 percent last
month.
He added that authorities were closely keeping tabs on the import of crude oil,
gas, petroleum products, coal and steel, whose imports have soared 68.5 percent
as of late September from the year before.
In addition to asking companies to reduce imports, the government plans to work
with exporters to help them increase overseas sales and find niche markets that
are less affected by the ongoing global financial crisis and slowdown in economic
activities.
It said attention will also be paid to increasing industrial plant exports that
have risen sharply this year thanks to extra cash earned by resource-rich
countries in the Middle East.
yonngong@yna.co.kr
(END)
