According to the data released by the Export and Import Division of South Korea's Ministry of Knowledge Economy, South Korea posted a USD 1.96 billion trade deficit in January 2012 for the first time in two years. The shortfall was attributed to the lower number of working days because of the Lunar New Year holiday and to a downturn in the shipbuilding industry.

The country's total export value in January 2012 fell by 6.6% YoY, decreasing to USD 41.5 billion, due to the prolonged debt crisis in Europe which has increased global economic uncertainty. South Korea's steel exports were valued at USD 3 billion in January 2012, increasing by 4.6% YoY as compared to the same month last year.

South Korea's export value of ships in the given period fell by 41.5% YoY to USD 3.9 billion, while its automobile exports reached a value of USD 3.5 billion, climbing by 4.1% YoY. Furthermore, in January 2012, South Korea's general machinery exports came to USD 3.7 billion, with an increase of 6.7% YoY as compared to January 2011.

In the given month, exports to emerging economies such as China and ASEAN countries continued to grow, while exports to advanced countries (i.e., the European Union) posted a decrease compared to the same month last year.

Meanwhile, in January 2012, South Korea's imports rose by 3.6% YoY, reaching USD 43.5 billion. Inbound shipments of raw materials gained 12.9% YoY in January 2012, on the back of significant imports of coal and crude oil.

(Sourced from Steel Orbis)
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