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184934
Fri, 05/27/2011 - 16:45
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https://oananews.org//node/184934
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Earthquake reduces S. Korea's trade deficit with Japan: Nomura
By Kim Young-gyo
HONG KONG, May 27 (Yonhap) -- Japan's massive earthquake in March has reduced South Korea's trade deficit with the world's third-largest economy, Nomura International Ltd. said Friday.
Japan's worst-ever earthquake and subsequent tsunami on March 11 heavily damaged part of its infrastructure and factories in the eastern part of the country.
"Since the Japan earthquake, South Korea's exports to Japan are surging while imports from Japan are slowing," Nomura Securities said in a report.
In U.S. dollar value terms, South Korea's exports to Japan surged to 58 percent on-year in March-April, while South Korea's imports from Japan slowed to 6 percent, the Japanese investment bank explained.
During the March-April period, South Korea's trade deficit with Japan declined 26 percent from the same period last year.
쨌 Petroleum and chemical exports from South Korea to Japan surged 270 percent and 54 percent, respectively, during the last two months as production in Japan's petrochemical sector fell sharply after the earthquake.
쨌 Machinery and transportation equipment imports from Japan to South Korea declined 5.1 percent on-year, largely due to supply constraints and production cuts in Japan.
"We expect this divergence to remain through the second quarter until manufacturers' production in Japan recovers in the second half of 2011," the Nomura report said.
"This should reduce South Korea's trade deficit with Japan through the April-June period, partly offsetting the negative impact of higher oil prices."
ygkim@yna.co.kr
HONG KONG, May 27 (Yonhap) -- Japan's massive earthquake in March has reduced South Korea's trade deficit with the world's third-largest economy, Nomura International Ltd. said Friday.
Japan's worst-ever earthquake and subsequent tsunami on March 11 heavily damaged part of its infrastructure and factories in the eastern part of the country.
"Since the Japan earthquake, South Korea's exports to Japan are surging while imports from Japan are slowing," Nomura Securities said in a report.
In U.S. dollar value terms, South Korea's exports to Japan surged to 58 percent on-year in March-April, while South Korea's imports from Japan slowed to 6 percent, the Japanese investment bank explained.
During the March-April period, South Korea's trade deficit with Japan declined 26 percent from the same period last year.
쨌 Petroleum and chemical exports from South Korea to Japan surged 270 percent and 54 percent, respectively, during the last two months as production in Japan's petrochemical sector fell sharply after the earthquake.
쨌 Machinery and transportation equipment imports from Japan to South Korea declined 5.1 percent on-year, largely due to supply constraints and production cuts in Japan.
"We expect this divergence to remain through the second quarter until manufacturers' production in Japan recovers in the second half of 2011," the Nomura report said.
"This should reduce South Korea's trade deficit with Japan through the April-June period, partly offsetting the negative impact of higher oil prices."
ygkim@yna.co.kr
