South Korea’s trade surplus shrinks sharply in 2006

South Korea posted a 28 percent drop in its trade surplus last year despite record-high exports, the government said Monday.

Exports rose 14.6 percent year-on-year to 325.9 billion dollars in 2006, while imports soared 18.4 percent to 309.3 billion dollars, the Ministry of Commerce, Industry and Energy said.

Imports were fueled by high energy and raw material prices, it said. As a result, the trade surplus dwindled to 16.65 billion dollars last year from 23.18 billion dollars in 2005.
Times of Oman