Last month’s trade balance was the highest monthly balance since December of 1998 in spite of the lunar New Year’s holiday. 

According to the ‘Trade statistics for January 2004’ announced by the Ministry of Commerce, Industry and Energy (MOCIE) on Feb. 1, last month’s export amount adds up to 19 billion dollars, import records 16.1 billion dollars and trade balance was a plus 2.9 billion dollars. 

This is the second monthly maximum record since December 1998 (3.7 billion dollars). After Sept. last year, trade balances have maintained a 2 billion dollar plus for 5 months. 

Monthly export balance exceeded 19 billion dollars and export-increasing rate also jumped 33.2% compared to the same period last year. This is the maximum rate since Feb. 2000 (35.8%) and the rate has maintained to go over 30% for 2 months in a row since Dec 2003 (32.5%). 

January’s import amount of 16.1 billion dollars exceeded the former top monthly amount (14.4 billion dollars) taken last year. 

Also the average daily import amount for each year records 890 million and 750 million dollars, which is the highest record ever. 

Export on ships has an increase rate of 129.6%, wireless communication devices (52.2%), semiconductors (19.1%), automobiles (11.9%), household appliances (25.9%), petrochemistry (13.8%), steel (11.7%) and other export items are looking up. Textile (1.9%) has also increased after 11 months on the downhill. 

MOCIE analyzes the reason for the sudden increase in ship exportation is because customs clearance for marine plants and vessels were activated after being postponed due to the typhoon ‘Maemi’ hit the Korean peninsula last year. 

Capital import records 20.3% has maintains a 2-digit increase for 5 months, showing a possibility of equipment investment may recover. Import on meat has decreased 41.7% because of the mad cow disease. 

America’s trade balance from Jan. 1 till 20 has declined 210 million dollars from the black balance of 350 million dollar last year and China has achieved a black balance of 700 million dollars. 

Source: MOCIE, February 2, 2004