South Korean imports and exports in 2003
According to an announcement by the Korea Steel & Iron Association, South Korea imported 14.9 million tons of steel in the first seven months of 2003, up by 5.3% compared to same period last year while exports amounted to 8.4 million tons which represents an increase of 4.5% against corresponding period last year. As it seems, South Korea's imports exceeded exports in this period, creating a trade deficit. In value terms, imports and exports increased by 33.9% and 31.9% to $5.2 billion and $5.01 billion respectively. South Korea exported 1.2 million tons of steel to Japan in the first seven months of 2003 while importing 6.6 million tons. In addition, Korean steel exports amounted to 3.2 million tons to China, up by 50.3% while imports were 1.7 million tons with a 108.2% increase.