South Korea posts first trade deficit in 24 months
February 1st, 2012 - 3:51 pm ICT by IANS ( Leave a comment )Seoul, Feb 1 (IANS) South Korea’s trade balance went into the red for the first time in 24 months in January as exports reduced amid Europe’s debt crisis and the global economic slowdown, a government report said Wednesday.
The trade deficit reached $1.96 billion in January, a sharp turnaround from a surplus of $2.9 billion in the same month of last year, according to the ministry of knowledge economy.
Exports, which account for more than half of the Asia’s No.4 economy, posted the first decline in 27 months, Xinhua reported.
Exports decreased 6.6 percent year-on-year to $41.54 billion last month, while imports grew 3.6 percent to $43.49 billion over the same period.
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- India's exports jump to all-time monthly high of $26 bn - Jun 10, 2011
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- India's exports up 10.1 percent to $25.4 bn in January - Feb 09, 2012
- Japan posts first annual trade deficit in 31 years in 2011 - Jan 25, 2012
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- India's exports rose 6.71 percent to $25 bn in December - Feb 01, 2012
Tags: asia, debt crisis, decline, economy exports, europe, global economic slowdown, government report, knowledge economy, seoul, south korea, trade balance, trade deficit, turnaround, xinhua
