S. Korea reports $6 billion trade surplus
Posted on: Friday, 1 May 2009, 14:21 CDT
South Korea's trade surplus reached $6 billion in April, attributable to a drop in imports and a favorable exchange rate, a government report said Friday.
The Ministry of Knowledge Economy report said the country's exports reached $30.6 billion last month, falling 19.0 percent year-over-year, with imports plummeting 35.6 percent to $24.6 billion, the South Korean news agency Yonhap reported.
The monthly surplus topped the $4.3 billion reported in March, and was much higher that the $3.8 billion reported for April 1998 when the country struggled to cope with the Asian financial crisis.
The ministry said the exchange rate, which averaged 1,336 won to the U.S. dollar in April, made locally made products less expensive abroad, Yonhap said. In 2008, the average exchange rate was 1,103 won to the dollar.
Through the first four months of the year, South Korea's exports reached $105.4 billion, with imports totaling $95.8 billion, for a surplus of $9.5 billion, the ministry said.
Source: United Press International
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