South Korea’s trade balance swung to a surplus of US$3.29 billion last month from a deficit of US$3.35 billion a month earlier, customs data showed yesterday.
The turnaround for Asia’s fourth-largest economy resulted from a slower decrease in exports and a still sharp fall in imports, the data showed.
Exports fell 17.1 percent year-on-year to US$25.85 billion last month while imports plunged 30.9 percent to US$22.56 billion, data on the Korea Customs Service Web site shows.
In January, exports fell by a record 33.8 percent year-on-year to US$21.37 billion and imports dropped 31.9 percent to US$24.72 billion.
Minister of Knowledge Economy Lee Youn-Ho last week said the country was likely to register a trade surplus this month as well if the effect of the won’s fall against the dollar continued.
The won has weakened around 17 percent against the dollar so far this year, after a 25.4 percent decline last year.
The economy of South Korea — a leading exporter of memory chips, mobile handsets, cars and ships — has been hit hard by the global downturn.
South Korea’s central bank said on Friday the current account swung to a US$1.36 billion deficit in January as consumers and companies cut spending.
The shortfall compared to an US$860.8 million surplus in December. The December figure was the third consecutive monthly surplus.
Finance Minister Yoon Jeung-hyun has warned the economy will probably shrink 2 percent this year, the first annual contraction since 1998.
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