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S KOREA'S AGRICULTURAL DEFICIT EXCEEDS US$10 BLN IN 2004.
SEOUL, March 2 Asia Pulse - South Korea's agriculture sector trade deficit surpassed the US$10 billion mark for the first time in 2004, the Ministry of Agriculture and Forestry said Wednesday.
The country's deficit in the agricultural field stood at US$10.42 billion, up 10.1 percent from the $9.46 billion tallied in the previous year.
The ministry attributed the increase to broader domestic market access and weaker price competitiveness of local produce.
Imports grew 10.7 percent or $1.33 billion year-on-year to .79 billion, while exports were up 12.3 percent to $3.37 billion.
The numbers amount to a third of South Korea's trade surplus of $29.75 billion in the preceding year.
"The increase was expected since the South Korean market is almost completely open to outsiders except in a few key areas like rice," said a government official. However, he added that really sharp increases were not likely in the foreseeable future.
Seoul is in the process of implementing policies that will make its ...
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