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Non-Tech : The Y2K Newspaper -- Ignore unavailable to you. Want to Upgrade?

To: hunchback who wrote (166)	12/4/1999 9:21:00 PM
From: hunchback	Respond to of 198

Y2K bug may dampen trade surplus The millennium bug may interfere in achieving the country's $25 billion trade surplus target for this year. Fearing that the Y2K computer glitch may hamper raw material and parts supplies at the beginning of next year, oil refineries, manufacturers and trading firms are stockpiling more reserves than usual at the end of the year, according to the Ministry of Commerce, Industry and Energy and industry sources yesterday. This is leading to concerns that total imports this month could soar far above estimates for the month. Oil refineries are not scheduling crude oil shipments between Dec. 31 and Jan. 2, 2000 in anticipation of possible problems arising from the millennium bug. Instead, they have recently concluded contracts to bring in 2-3 days worth of reserves before Dec. 30. SK Corp. is importing about two million barrels of crude oil toward the end of the month to stockpile two more days worth of reserves than it normally holds, the company said. LG Caltex Oil Corp. has cancelled crude oil imports for three days starting Dec. 31 and other oil refineries have opted to ship in their requirements for the first two days of January sometime this month. The recent hikes in the international crude oil price are being fuelled partly by efforts to secure extra reserves of crude oil by the United States, Japan and European countries in preparation for the computer glitch, according to some analysts. Manufacturing companies are also placing extra import orders to secure stockpiles of imported parts in anticipation of transportation delays and problems in unloading and customs clearance at the millennium rollover. "Trading companies are reportedly being requested to place more import orders for parts and raw materials," said a ministry official, adding that this could increase total imports. "Since the end of November, we've noticed that companies are moving their import schedules forward to prevent having their production interrupted due to shortages of materials," said a Samsung Corp. official. The trend is clearly discernable among big manufacturers, he added. The country's trade surplus recorded $21.8 billion this year through November, $3.2 billion short of the $25 billion targeted for 1999. While the ministry projected that the target is still attainable if exports increase by a large margin and imports stay at the November level, this month's surge in imports in preparation for the Y2K bug could ambush that goal. Updated: 12/04/1999 by Kim Hoo-ran Staff reporter koreaherald.co.kr