"Trade Day" Not a Cheerful EventMany new records came out at the 35th anniversary of 'Trade Day'. The total sum of trade surplus reached 40 billion dollars. The number of companies which exported more than 15 billion dollars respectively is three. But the new records did not give rise to any optimistic predictions for trade.
Cho Seung Je, a high ranking executive at the Korea Trade Association (KTA) said, 'Exports and imports decreased simultaneously. Imports should maintain a certain level in order to keep the current export level.'
The trade balance changed to the black for the first time in eight years. The total trade surplus reached 31.9 billion dollars due to the sharp decrease of imports (37.5%).
KTA predicted a 40 billion dollar trade surplus by the end of this year. Exports are expected to drop by 3% for the first time since 1958 (25.9%). Income has decreased for the 13th consecutive month.
The shrinking tendency of trade with Japan became far more clearer. Exports and imports with Japan decreased by 18.6% and 42.3% respectively. Exports have decreased for three consecutive years.
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