Seoul's trade deficit surges<\/p>\n
SEOUL (AFP): South Korea's trade deficit ballooned to US$8.6
\nbillion in the first eight months this year, with both exports
\nand imports sustaining vibrancy, the Ministry of Finance and
\nEconomy (MFE) said yesterday.<\/p>\n
In August alone, the country's exports surged 39.6 percent to
\n$10.61 billion, overwhelming an import rise of 34.4 percent or
\n$11.51 billion in the month, MFE's preliminary tallies showed.<\/p>\n
\"South Korea's exports remained its strength, but imports
\nshowed signs of a slowdown as capital imports rode a downward
\ntrend,\" a ministry official said.<\/p>\n
Economic researchers say South Korea's economy is on the verge
\nof a reverse cycle after a 33-month-long expansion.<\/p>\n
The August trade shortfall of 903 million dollars, which
\nshowed an improvement of $64 million from the year-earlier month,
\nled the accumulated deficit in the first eight months to mark a
\n61 percent jump or 3. 26 billion dollars over the same period
\nlast year.<\/p>\n
Exports in August were driven mainly by heavy and chemical
\nproducts, that soared 58.5 percent from a year ago, and brisk
\nshipments of automobiles and electronics, the ministry said.
\nBy region, exports to developing countries rose by 53.4 percent,
\nwhile those to advanced countries grew 39.2 percent.<\/p>\n
Import increases of capital goods and raw material goods
\ndecreased by 35.1 percent and 30 percent respectively in August,
\nwhile consumer products rose by 37.8 percent due to Korean
\nThanksgiving holidays that fall on Sept. 8-10.<\/p>",
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