S. Korea swings to trade deficit in 2008: customs agency

SEOUL, Jan. 20 (Yonhap) -- South Korea posted its first trade deficit in 11 years
in 2008 amid a global economic slowdown and soaring crude prices, a government
report showed Tuesday.
According to the report by the Korea Customs Service, the nation's trade deficit
amounted to US$13.3 billion last year, a turnaround from the previous year's
surplus of $14.6 billion.
Exports jumped 13.6 percent to $422 billion last year, while imports surged 22
percent to $435.3 billion over the same period, the report showed. This marked
the first trade shortfall since 1997 when the nation was hit by the Asia-wide
financial crisis.
The change was attributed mostly to increased trade deficits with Japan and the
oil-rich Middle East countries, the report showed. Shortfalls with Japan and the
Middle East totaled $32.7 billion and $75 billion, respectively.
In December, exports came to $27.1 billion, down 17.9 percent from a year
earlier. Imports were also down 21.6 percent to $26.6 billion, bringing the
months's trade surplus to $542 million, the report showed.
kokobj@yna.co.kr
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