Nation`s Exports, Trade Balance, Growth Cast Dark Clouds

The nation`s exports and rate of imports saw 11-month lows due to a walkout of the Korean Cargo Workers Federation, SARS, and the economic recession.

Exports in May rose to 14.79 billion dollars, up 4.4% from a year ago, the Ministry of Commerce, Industry and Energy said. The nation has seen one-digit growth rates for the first time since July last year.

In particular, the export growth rate for mobile devices plummeted to 19.4% from over 40%.

Imports are estimated to have increased 6.5% from a year ago.

As a result, the trade balance saw 1.26 billion dollars in surplus for the first time this year, mostly due to decreased imports rather than increased exports. This could spell ominous signs for economic recovery.

Jong sik Kong kong@donga.com