Trade between S. Korea, Australia surge in 2004

Trade between S. Korea, Australia surge in 2004

Trade between South Korea and Australia rose 24% year-on-year to $10.4 billion in 2004 due to an increase in South Korean imports of raw materials and agricultural products, the Korea Trade-Investment Promotion Agency (KOTRA) said. South Korea's exports to Australia rose 16% year-on-year to $3.6 billion last year while imports increased 28% to $6.8 billion. Accordingly, South Korea's trade deficit with Australia totaled $3.2 billion in 2004, up 44% from a year earlier.