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Korea"s Trade Surplus Reached more than 40 Billion

Feb 26,1999
South Korea's current trade balance amounted to more than a 40 billion-dollar surplus, but its balance in capital trade stood at a 4 billion-dollar deficit in 1998.
According to 'The Trends of International Payments in Korea 98' issued by the Bank of Korea on February 26, Korea recorded a 40.04 billion-dollar surplus; however, it also recorded a capital trade deficit of 3.91 billion dollars.
Korea has continuously posted a trade surplus over the last five years but 1998 was the largest one ever, although it was primarily due to a huge decrease of imports.
Exports, which actually fell 4.9 percent from 1997, recorded no more than 131.8 billion dollars, but imports fell a staggering 36 percent to record 90.6 billion dollars.
The service balance amounted to 0.38 billion dollars, which resulted from the dwindling of overseas travellers and the decrease of payments of freight charges on goods.
Foreign direct investment recorded 51.4 billon dollars in net flow in 1998.


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