Letters of Credit in October the Lowest in 4.66 Years

The number of L/C (letters of credit) for exports in October recorded the lowest amount in four years and eight months as Korean companies continue to suffer from diminishing exports.
According to the Bank of Korea (BOK) on November 21, the amount of L/C that arrived in October recorded only 4.4723 billion dollars.
This is the lowest since February, 1994 (4.3636 billion dollars) and 2.6 million dollars less than that of September.
The amount of L/C arriving indicate exporting prospects for the next 3~6 months.
L/C had been increasing from 1994 until March, 1997 (6.1361 billion dollars) but since then they have been decreasing.
The BOK's analysis posits that the reason exports are now decreasing is attributable to the negative effects caused by the announcement of a moratorium by Russia on servicing their international debt and the continuation of the Asian economic recession.