S. Korea swings to trade surplus in February

SEOUL, March 16 (Yonhap) -- South Korea swung to a trade surplus in February as
imports declined at a faster pace than exports amid a deepening global economic
slowdown, a government report showed Monday.
According to the report by the Korea Customs Service, the nation's trade surplus
amounted to US$2.93 billion last month, a turnaround from the previous month's
$3.63 billion shortfall.
The February figure, the largest ever since June 2007 when the nation posted a
trade surplus of $3.50 billion, is attributed to a sharper decline in imports
than exports during the month.
Exports dropped 18.3 percent last month from a year earlier to $25.46 billion,
while imports plunged 30.9 percent to $22.53 billion over the same period.
Overseas shipments to the U.S., Europe and China declined as demand for Korean
goods contracted due to a protracted economic slowdown. Imports from the three
economies fell more sharply.
U.S.-bound exports dropped 18.2 percent to $2.75 billion last month, while
imports from the world's largest economy plummeted 32.3 percent to $1.98 billion.
Shipments to Europe and China plunged 26 percent and 13.4 percent, while imports
from the two regions declined 29.4 percent and 30.9 percent, respectively,
according to the report.
Exports to Japan fell 31.3 percent to $1.55 billion while imports declined 28.1
percent to $3.73 billion, causing South Korea to post a trade shortfall of $2.18
billion with the country, the report showed.
kokobj@yna.co.kr
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