South Korea Expects Record Trade Surplus in March

March 16, 2009
Surplus will top $4 billion

Thanks to plummeting crude oil prices, South Korea expects to report a record trade surplus this month, said Lee Dong-Geun, a deputy minister at the Ministry of Knowledge Economy.

The surplus would likely top $4 billion in March, breaking the previous monthly record of $3.85 billion in April 1998.

Lee, citing preliminary data, said he expected imports to fall more than 33% year-on-year in March and exports to drop 22%. "Exports are falling, but prices of crude oil, natural gas and raw materials have nosedived due to the worldwide economic slump," Lee said.

Lee said that while exports might continue to contract by 10%-20% up until September, a modest turnaround might be possible in the fourth quarter.

For the whole of 2009, Lee said he expected the trade balance to reach a surplus of $18-20 billion although exports might not achieve this year's goal of $450 billion.

Asia's fourth largest economy, which imports all its oil needs, reported a trade surplus of $2.93 billion in February, according to revised figures from the Customs Service. This compared to a deficit of $3.35 billion a month earlier.

Copyright Agence France-Presse, 2009

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!