S. Korea's exports plunge nearly 30 pct this month

SEOUL, Jan. 21 (Yonhap) -- South Korea's exports plunged 29 percent during the
first 20 days of January from a year earlier mainly due to decreased demand from
overseas markets amid a global economic slowdown, a government report showed
Wednesday.

According to the report by the Korea Customs Service, South Korean companies
exported an estimated US$12.47 billion worth of products during the first 20 days
of this month, compared with $17.54 billion a year earlier. Imports also fell
22.5 percent to $17.05 billion.
Slumping exports are attributed to a decline in demand for Korean goods from
overseas markets as a global economic slowdown is prompting consumers to tighten
their purse strings.
Exports, the backbone of South Korea's economy, have slowed rapidly in recent
months, with overseas shipments shrinking year-on-year since November.
South Korea posted a trade deficit of $12.9 billion last year, compared with a
surplus of $14.6 billion the year before, according to the Ministry of Knowledge
Economy. It was the first trade deficit since the $8.4 billion shortfall in 1997.
kokobj@yna.co.kr
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