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SEOUL, Aug 1 Asia Pulse - South Korea's agriculture-sector deficit could hit a record US$10 billion this year fueled by a rise in international grain prices and high domestic demand, the government said Wednesday.
The Ministry of Agriculture and Forestry said the country's trade deficit surged 29.1 per cent year-on-year to $5.43 billion in the first half.
The country's agricultural exports grew 9.5 per cent in the six-month period to $1.10 billion while imports expanded 25.3 per cent to $6.53 billion.
"At this pace, the trade deficit could surpass $10 billion by the year's end," a ministry source said. He added local demand for cheaper and wider varieties of agricultural goods were mainly responsible for the ...
Source: HighBeam Research, S.KOREA'S AGRICULTURE DEFICIT COULD HIT US$10 BLN THIS YR: GOV'T.