Import growth eats into South Korea trade surplus
South
Korea saw its first quarter imports jump 13.0% year on year to $67.04 billion, causing the country's trade surplus to narrow from $2.17 billion in February to $1.57 billion in March.
March exports increased 14.2% year on year to reach a record $24.19 billion. Imports, however, outpaced exports by gaining 18.3% to hit $22.62 billion.
The South Korean Ministry of Commerce, Industry and Energy indicated that the country's exports will continue to rise in the second quarter of 2005 thanks to stable economic growth in the US,
China and
Japan.