ID :
48487
Mon, 03/02/2009 - 16:33
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https://www.oananews.org//node/48487
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(2nd LD) S. Korea`s trade surplus hits US$3.3 bln in Feb.
(ATTN: UPDATES with more details in paras 7, 13, 16, 18; UPDATES with more
information, comments in paras 10-12)
By Lee Joon-seung
SEOUL, March 2 (Yonhap) -- South Korea's trade surplus reached US$3.3 billion in
February thanks to a sharp drop in imports and surge in ship exports, a
government report showed Monday.
The country's exports reached $25.8 billion last month, falling 17.1 percent
on-year, with imports nosediving 30.9 percent to $22.5 billion, according to the
Ministry of Knowledge Economy. The monthly surplus is the largest since $3.5
billion tallied for July 2007.
Favorable exchange rates and more working days compared to February 2008 helped
the trade balance revert back into positive territory after falling into the red
in the first month of this year, the ministry said.
The Korean won slid 52.5 percent on-year against the U.S. dollar in the cited
month, making locally made goods cheaper abroad, while the Lunar New Year holiday
that fell in January instead of February this year, increasing the number of
working days by two.
In January, the country's monthly trade deficit topped $3.36 billion with exports
plunging a record 33.8 percent annually. The country posted a trade surplus in
the fourth quarter of 2008, although the balance of trade posted a deficit of
$13.3 billion for the entire year.
The positive trade balance is expected to help the current account surplus reach
$4.5 billion for the month.
"Besides the surplus, total export volume rose $4.5 billion in the cited month
vis-a-vis January, with imports dropping by $2.2 billion," said Lee Dong-geun,
head of the ministry's trade investment office.
He forecast that if imports continue to fall off, the country should be able to
pull off monthly surpluses in the future.
The ministry in charge of industrial policy, commerce and trade promotion said
while overall export conditions remained unfavorable due to the global economic
slump, exports of ships soared 47.4 percent annually, with mobile communication
equipment moving up 3.1 percent.
The country is the largest commercial shipbuilder in the world with about $56
billion worth backlogged orders for this year and the same amount lined up for
2010.
"There have been virtually no new orders for ships in the last six months, but
the size of the backlog will likely help fuel export gains especially since the
major shipyards doing relatively well," the official said.
He added that export insurance, which shot up 35.8 percent to 10.5 trillion won
(US$6.6 billion) last month from 7.7 trillion won the year before, also helped
outbound shipments.
Exports of steel, general machinery, textiles, display panels, petrochemicals,
cars, auto parts, consumer electronics, petroleum products, semiconductors and
computers all posted negative export growth, although the extent of contraction
is declining with signs of demand picking up among developing economies and hints
of gains in global memory chip prices.
Imports were down as energy prices continued to remain weak and economic
uncertainties sapped local demand.
Crude oil and petroleum products were down 48 percent and 32 percent,
respectively, with demand for foreign cars and household goods all dipping by
double digits.
In the first 20 days of the cited month, exports to Oceania shot up 324.5 percent
with the sale of a $900 million ship to the Marshall Islands, with numbers for
Latin America, the Middle East and China all going up as well.
Exports to the United States and the European Union fell 2.5 percent and 5.7
percent, respectively, with outbound shipments for Japan and the Association of
Southeast Asian Nations decreasing 19.4 percent and 31.1 percent year-on-year.
Seoul, meanwhile, said the country could log a trade surplus of at least $20
billion for 2009 if exports remain on par with 2008 at $422 billion. Imports are
expected to hit $402 billion due to weak domestic demand and international fuel
prices.
In the first two months of this year the country's exports reached $47.21
billion, with imports topping $47.27 billion for a deficit of about $60 million.
yonngong@yna.co.kr
(END)
information, comments in paras 10-12)
By Lee Joon-seung
SEOUL, March 2 (Yonhap) -- South Korea's trade surplus reached US$3.3 billion in
February thanks to a sharp drop in imports and surge in ship exports, a
government report showed Monday.
The country's exports reached $25.8 billion last month, falling 17.1 percent
on-year, with imports nosediving 30.9 percent to $22.5 billion, according to the
Ministry of Knowledge Economy. The monthly surplus is the largest since $3.5
billion tallied for July 2007.
Favorable exchange rates and more working days compared to February 2008 helped
the trade balance revert back into positive territory after falling into the red
in the first month of this year, the ministry said.
The Korean won slid 52.5 percent on-year against the U.S. dollar in the cited
month, making locally made goods cheaper abroad, while the Lunar New Year holiday
that fell in January instead of February this year, increasing the number of
working days by two.
In January, the country's monthly trade deficit topped $3.36 billion with exports
plunging a record 33.8 percent annually. The country posted a trade surplus in
the fourth quarter of 2008, although the balance of trade posted a deficit of
$13.3 billion for the entire year.
The positive trade balance is expected to help the current account surplus reach
$4.5 billion for the month.
"Besides the surplus, total export volume rose $4.5 billion in the cited month
vis-a-vis January, with imports dropping by $2.2 billion," said Lee Dong-geun,
head of the ministry's trade investment office.
He forecast that if imports continue to fall off, the country should be able to
pull off monthly surpluses in the future.
The ministry in charge of industrial policy, commerce and trade promotion said
while overall export conditions remained unfavorable due to the global economic
slump, exports of ships soared 47.4 percent annually, with mobile communication
equipment moving up 3.1 percent.
The country is the largest commercial shipbuilder in the world with about $56
billion worth backlogged orders for this year and the same amount lined up for
2010.
"There have been virtually no new orders for ships in the last six months, but
the size of the backlog will likely help fuel export gains especially since the
major shipyards doing relatively well," the official said.
He added that export insurance, which shot up 35.8 percent to 10.5 trillion won
(US$6.6 billion) last month from 7.7 trillion won the year before, also helped
outbound shipments.
Exports of steel, general machinery, textiles, display panels, petrochemicals,
cars, auto parts, consumer electronics, petroleum products, semiconductors and
computers all posted negative export growth, although the extent of contraction
is declining with signs of demand picking up among developing economies and hints
of gains in global memory chip prices.
Imports were down as energy prices continued to remain weak and economic
uncertainties sapped local demand.
Crude oil and petroleum products were down 48 percent and 32 percent,
respectively, with demand for foreign cars and household goods all dipping by
double digits.
In the first 20 days of the cited month, exports to Oceania shot up 324.5 percent
with the sale of a $900 million ship to the Marshall Islands, with numbers for
Latin America, the Middle East and China all going up as well.
Exports to the United States and the European Union fell 2.5 percent and 5.7
percent, respectively, with outbound shipments for Japan and the Association of
Southeast Asian Nations decreasing 19.4 percent and 31.1 percent year-on-year.
Seoul, meanwhile, said the country could log a trade surplus of at least $20
billion for 2009 if exports remain on par with 2008 at $422 billion. Imports are
expected to hit $402 billion due to weak domestic demand and international fuel
prices.
In the first two months of this year the country's exports reached $47.21
billion, with imports topping $47.27 billion for a deficit of about $60 million.
yonngong@yna.co.kr
(END)
