S. Korea logs trade deficit of US$3.35 bln in Jan.

SEOUL, Feb. 16 (Yonhap) -- South Korea's trade deficit reached US$3.35 billion in
January as a global economic downturn hurt demand for locally made goods, a
government report said Monday.

According to the report by the Korea Customs Service (KCS), the nation's exports
plunged 33.8 percent on-year to $21.37 billion while imports fell 31.9 percent to
$24.72 billion.
The deficit marks the first time since September 2008 that the country's trade
balance has slid into the red. January was the third month in a row that outbound
shipments have declined compared with the year before.
The figures follow a poor showing for 2008. Burdened by soaring crude oil prices,
the country logged an annual trade deficit of $13.3 billion.
The KCS said the country posted a monthly trade surplus with the United States,
the European Union (EU) and China, while suffering sizable deficits with Japan
and Middle Eastern countries.
The surplus with the U.S. reached $898 million, while those for the EU and China
hit $842 million $383 million, respectively, in the first month of the year.
The deficit with Japan, which provides the country with key components and
manufacturing equipment, topped $1.40 billion, while those with oil-rich Middle
Eastern countries stood at $4.46 billion.
yonngong@yna.co.kr
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