S. Korea's Feb. trade surplus to reach US$3 bln: minister

SEOUL, Feb. 26 (Yonhap) -- South Korea's trade surplus is expected to reach US$3
billion in February largely due to a sharp drop in imports, a top government
official predicted Thursday.
"The forecast is based on the fact that exports are likely to contract by less
than 20 percent this month," Minister of Knowledge Economy Lee Youn-ho told a
meeting of businessmen.
South Korea posted a trade deficit of $3.35 billion in January as exports tumbled
33.8 percent on-year to $21.37 billion, with imports falling 31.9 percent to
$24.72 billion.
According to the ministry, the country's exports topped $17.7 billion in the
first 20 days of February, with imports reaching $16.8 billion for a $900 million
surplus.
Because export activity is the highest in the last 10 days of the month, the
government originally predicted the monthly surplus would reach $2.5 billion.
Lee forecast that the country will likely register a trade surplus in March if
the effects of the won's descent against the U.S. dollar continues.
yonngong@yna.co.kr
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