S Korea posts trade deficit in 2008

Special Report:Global Financial Crisis

SEOUL, Jan. 2 (Chinese media) -- South Korea posted a trade deficit of 12.9 billion U.S. dollars in 2008, due to the global economic slump as well as the oil price hike, said a government report on Friday.

According to the Ministry of Knowledge Economy, the country marked the first trade deficit since the 8.4 billion U.S. dollar shortfall in 1997. In 2007, the country's trade surplus reached 14.8 billion dollars.

"Global hikes in crude oil and other raw material prices were the main contributor to the annual deficit, with exports being led by ships that surpassed the 40 billion U.S. dollar mark for the first time this year," said Kang Myung-soo, head of the ministry's export-import division.

According to the report, annual exports gained 13.7 percent from a year ago to a record high of 422.4 billion U.S. dollars, while imports jumped 22 percent to 435.4 billion U.S. dollars.