S. Korea to post trade surplus in Q4: officials

SEOUL, Nov. 23 (Yonhap) -- South Korea is expected to record a trade surplus of
US$4 billion for the fourth quarter thanks to falling oil and commodity costs
following three straight quarters of deficit, top economic policymakers predicted
Sunday.
South Korea's trade deficit reached $14.24 billion in the first nine months of
this year, compared with a surplus of $11.93 billion a year earlier. The deficit
was mainly caused by higher crude oil and raw material prices.
The prediction came after a meeting between Prime Minister Han Seung-soo and top
economic policymakers, including Finance Minister Kang Man-soo and Bank of Korea
Gov. Lee Seong-tae, to discuss measures for coping with an economic slump.
"While exports are deteriorating, a drop in raw material costs is leading to
fewer imports," Cho Won-dong, head of the government management office under the
prime minister, told a press briefing.
Cho said policymakers were expecting a "$4-billion trade surplus in the fourth
quarter."
At the meeting, Han called for policymakers to continue to cooperate on
preemptively tackling the economic slump as signs that a slowdown in the real
economy seem to be surfacing "faster than expected," Cho said.
The South Korean economy, Asia's fourth-largest, has seen its export growth slow
in the past few months in tandem with a global economic slump, while its import
bills increased sharply due to higher oil prices. South Korea is the world's
fourth-largest oil importer.
odissy@yna.co.kr
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