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Korea improves trade balance with FTA countries
May 04, 2008
Korea's trade volume with Chile, Singapore and the four-nation European Free Trade Association (EFTA) has been increasing significantly for the past years since the effectuation of free trade deals with them, figures from customs authorities said Sunday (May 4).

Korea exported $930 million worth of goods to Chile for the first three months this year, recording a $279 million deficit, statistics from the Korea Customs Service said.

The deficit is 41.7 percent lower than $479 million a year earlier.

Korea's trade deficit grew to $2.2 billion for April 2006-March 2007, three years after the Korea-Chile Free Trade Agreement took effect in April 2004.

The deficit, however, plummeted to $914 million for the year ending March 2008, which is slightly higher than the $803 million's deficit recorded in 2003.

Korea posted a trade surplus of $1.84 billion during the first three months this year with $3.98 billion of exports and $2.13 billion of imports. The surplus marks a whopping 77 percent rise from $1.04 billion a year earlier.

Exports of vessels and petrochemical products contributed to the sharp rise in exports.
Korea, meanwhile, recorded a $150 million deficit in trade with the EFTA, consisting of Switzerland, Norway, Iceland and Lichtenstein, for the three months ending March this year, on exports of $881 million and imports of $1.03 billion.

The deficit, however, compares with a $486 million deficit posted during the same period last year.

Korea is awaiting parliamentary ratification of a Korea-U.S. FTA, and is negotiating similar free trade deals with several countries, including Canada, Australia and the Association of Southeast Asian Nations.
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