News Room - Business/Economics

Posted on 05 Jan 2010

S Korea`s trade surplus hits record US$41 bln in 2009

South Korea's trade surplus reached a record US$41 billion in 2009 mainly due to a sharp drop in imports caused by the worldwide economic slump, a government report showed Friday.

 

The annual findings showed exports falling 13.8 per cent on-year to US$363.8 billion, with imports plunging 25.8 per cent to US$322.8 billion, the Ministry of Knowledge Economy said.

 

The favorable trade balance for last year surpasses the previous record of US$39.0 billion reached in 1998 as the country tried to recover from the Asian financial crisis by cutting back on imports, it said. Last year's tally marks a turnaround from the US$13.2 billion trade deficit posted in 2008.