Korea's Trade Deficit with Chile Widens
Sep 8, 2004
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Korea's trade deficit with Chile widened to U.S. $528 million in the 5-month period since a free trade agreement (FTA) took effect on April 1.

The Korean Ministry of Commerce, Industry and Energy (MOCIE) reported that last year, Korea sustained a shortfall of $541 million in its trade with Chile with imports of $1.1 billion against $517 million in exports.

For the first 7 months of 2004, exports to Chile jumped 23.2 percent from the same period last year to $389 million, while imports increased 95 percent, the MOCIE reported.

Home appliance exports totaled $16.4 million, while exports for telecommunication equipment totaled $30.6 million, and automobiles topped the list with $125.4 billion in exports.

The widening deficit was attributed to a steep price rise in imports of copper products ($577.5 million), crude copper ($286.6 million), and petrochemical products ($56.5 million). (The Korea Times)

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