Seoul, Feb 1 (IANS) South Korea’s trade balance went into the red for the first time in 24 months in January as exports reduced amid Europe’s debt crisis and the global economic slowdown, a government report said Wednesday.
The trade deficit reached $1.96 billion in January, a sharp turnaround from a surplus of $2.9 billion in the same month of last year, according to the ministry of knowledge economy.
Exports, which account for more than half of the Asia’s No.4 economy, posted the first decline in 27 months, Xinhua reported.
Exports decreased 6.6 percent year-on-year to $41.54 billion last month, while imports grew 3.6 percent to $43.49 billion over the same period.
