S. Korea's Jan. exports plunge record 32.8 pct

By Lee Joon-seung
SEOUL, Feb. 2 (Yonhap) -- South Korea's exports plunged a record 32.8 percent in
January from a year earlier as the worldwide economic slump cut into overseas
demand for locally made goods, a government report showed Monday.

The country's exports reached US$21.7 billion, with imports decreasing 32.1
percent to $24.6 billion for a trade deficit of $2.9 billion, according to the
report by the Ministry of Knowledge Economy.
The export drop is the steepest since the country started announcing monthly
tallies in 1980, while the drop in import numbers is the highest reached since
July 1998. The deficit is also a turnaround from a trade surplus of $542 million
in December.
The ministry said exports of most products posted negative growth with
automobiles, car parts, computers, consumer electronic goods contracting by more
than 50 percent compared to the year before. Only ships managed to increase
exports by 20 percent.
Imports, meanwhile, fell last month as South Korean demand for foreign consumer
and capital goods fell more than 20 percent.
Cold weather, however, caused imports of gas and coal to go up 51 percent and 62
percent last month from a year earlier.
yonngong@yna.co.kr
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