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To: pat pasquale who wrote (29114)2/28/1998 1:13:00 PM
From: Richard Russell  Read Replies (2) of 53903
 
Friday February 27, 11:15 pm Eastern Time

S.Korea Feb trade surplus seen at $2.0 bln-2.5 bln
SEOUL, Feb 28 (Reuters) - South Korea's customs-cleared trade was
forecast to swing to a surplus of $2.0 billion-2.5 billion in February
from a $2.12 billion deficit a year earlier, a trade ministry official
said on Saturday.
''We have achieved a trade surplus for four consecutive months,'' the
official told Reuters by telephone. ''This would be the first record of
the kind since 1993.''

The country previously posted four straight months of surplus from
September to December 1993, he said.

The official said the ministry saw exports of around $11.0 billion and
imports of $9.0 billion for February.

Korea recorded a trade surplus of $1.51 billion in January, $2.21
billion in December and $120 million in November. The figures for the
three months had been revised.

''Exports have really been boosted by exports of gold that has been
collected in a campaign to raise the nation's foreign reserves,'' he
said.

The official said the Korean won's devaluation against the dollar has
yet to impact exports.

''It would take about six to seven months for exporters to realise
benefits from the won's fall,'' he said.

The official said imports had declined due to sluggish private
consumption and difficulties local companies face in opening letters of
credit.

He said the official trade figures for February were scheduled to be
released on Monday.
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