Mike,
I am sure most of us remember what Korea did to our QC earlier this year. Korea is just barely hanging in there. I don't have the details handy but Korea has a ton of foreign debt in need of IMF II in less than a year. When that hit the fan, I wonder how hard it will hit QC again.
Ramsey
S Korean Exports Fall 10.8% In Aug Due
To Lower Asian Shipments
SEOUL (Nikkei)-South Korea's exports fell 10.8% to $9.9 billion in
August, pushed down by lower shipments to neighboring nations,
including Japan, China and ASEAN member countries, the Ministry of
Commerce, Industry and Energy reported Tuesday.
In addition to the region's economic slowdown, the ministry attributes
the decline to economic turmoil in Russia.
Exports from January through August fell 1.0% from the same period in
1997, raising the likelihood South Korea will see its first yearly decline
in four decades.
Exports to Japan in the first 20 days of August slipped 27.7% year on
year; to China, 14.6%; and to the ASEAN countries, 31.9%. Exports to
Europe during the period fell 5.6%.
Imports in August totaled $7.2 billion, a year-on-year plunge of 37.5%,
due mainly to chilled domestic demand. As a result, South Korea posted
a monthly trade surplus of $2.7 billion.
(The Nihon Keizai Shimbun Wednesday morning edition)
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