S Korea posts record trade surplus in 2009

11:40, January 03, 2010      

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South Korea's trade surplus posted a record high of 41 billion U.S. dollars in 2009, mainly due to significant decrease in imports against the background of global economic downturn, a government report said on Friday.

According to the report by the Ministry of Knowledge and Economy, the country's outbound shipments reached 363.8 billion dollars, down 13.8 percent compared with 2008, with imports falling 25.8 percent to 322.8 billion dollars.

The country's export ranking rose to the ninth in the world in 2009 from the 12th in 2008, while global market share of South Korean products exceeded 3 percent for the first time, the report added.

The country has maintained the current account surplus since February 2009, and both exports and imports have seen positive year-on-year growth since November 2008. In December 2009, South Korea's exports rose 33.7 percent on-year while imports surged 24 percent.

The ministry estimated that the country's exports and imports in 2010 are expected to reach 410 billion dollars and 390 billion dollars respectively, and the trade surplus for the next year will post 20 billion dollars.

Source: Xinhua
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