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S. KOREA'S TRADE SURPLUS HITS US$3.3 BLN IN FEB.
SEOUL, March 2 Asia Pulse - South Korea's trade surplus reached US$3.3 billion in February thanks to a sharp drop in imports and surge in ship exports, a government report showed Monday.
The country's exports reached US$25.8 billion last month falling 17.1 per cent on-year, with imports nosediving 30.9 per cent to $22.5 billion, according to the Ministry of Knowledge Economy. The monthly surplus is the largest since $3.5 billion tallied for July 2007.
It also said favorable exchange rates and more working days compared to February 2008 help the trade balance revert back into positive territory after falling into the red in the first month of this year.
The Korean won slid 52.5 per cent on-year against the U.S. dollar in the cited month making locally made goods more cheaper abroad, while the Lunar New Year holiday that fell January instead of February, increased the number of working days by two compared to the previous year.
In January, the country's monthly trade deficit topped $3.36 billion with exports plunging a record 33.8 per cent annually. The country posted a trade surplus in the fourth quarter of 2008, although the balance of trade was in the red by $13 billion for the entire year.
The ministry in charge of industrial policy, commerce and trade promotion said while overall export conditions remained unfavorable due to the global economic slump, exports ...
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