S. Korea logs record trade surplus in March: customs office

SEOUL, April 16 (Yonhap) -- South Korea posted a record-high monthly trade surplus in March as imports contracted at a faster pace than exports amid a global economic downturn, a government report showed Thursday.

The nation's trade surplus amounted to US$4.28 billion last month, marking the
highest since April 1998, when it stood at $3.85 billion, the Korea Customs
Service said in a statement.
The trade account had been in the black for 13 consecutive months since October
2007 before running into a deficit in January, when shortfalls came to $3.63
billion. In February, it swung to a surplus of $2.93 billion.
The March data was attributed to a sharper contraction in imports than exports.
Overseas shipments declined 22 percent to $28.07 billion in March from a year
earlier, while imports plunged 35.9 percent to $23.78 billion over the same
period, according to the report.
Exports bound for the U.S. and the European Union fell 27.1 percent and 26
percent, respectively. Imports from the trade partners dived 39.8 percent and
34.5 percent, the report showed.