ID :
47911
Fri, 02/27/2009 - 13:23
Auther :
Shortlink :
https://www.oananews.org//node/47911
The shortlink copeid
S. Korea`s Feb. trade surplus to reach US$3 bln: minister
(ATTN: UPDATES with more details in para 2; ADDS with comments, information on R&D
from para 7)
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 executives from the country's large conglomerates.
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.
He added that while overall conditions were not favorable, companies should make
a determined effort to invest money into research and development (R&D) to
enhance long-term competitiveness.
Corporate leaders, meanwhile, asked the government to give conglomerates the same
level of tax breaks for R&D spending that are given to small and medium
enterprises (SMEs).
At present, conglomerates receive tax breaks for up to 6 percent of their R&D
spending, much smaller than the 15 percent given to SMEs.
They also called for more state support in such areas as eco-friendly technology,
which is expected to take on greater importance as worldwide efforts are made to
reduce energy spending and cut back on greenhouse gas emissions.
A poll by the Korea Industrial Technology Association released at the gathering
said local companies may spend 27.6 trillion won ($18.2 billion) on R&D this
year, up 2 percent from 2008, with up to 19,000 more researchers and technicians
to be hired this year.
yonngong@yna.co.kr
(END)
from para 7)
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 executives from the country's large conglomerates.
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.
He added that while overall conditions were not favorable, companies should make
a determined effort to invest money into research and development (R&D) to
enhance long-term competitiveness.
Corporate leaders, meanwhile, asked the government to give conglomerates the same
level of tax breaks for R&D spending that are given to small and medium
enterprises (SMEs).
At present, conglomerates receive tax breaks for up to 6 percent of their R&D
spending, much smaller than the 15 percent given to SMEs.
They also called for more state support in such areas as eco-friendly technology,
which is expected to take on greater importance as worldwide efforts are made to
reduce energy spending and cut back on greenhouse gas emissions.
A poll by the Korea Industrial Technology Association released at the gathering
said local companies may spend 27.6 trillion won ($18.2 billion) on R&D this
year, up 2 percent from 2008, with up to 19,000 more researchers and technicians
to be hired this year.
yonngong@yna.co.kr
(END)
