S Korea's trade surplus to reach record high in March

Special Report:Global Financial Crisis

SEOUL, March 16 (Chinese media) -- South Korea's monthly trade surplus may reach a

record high of 4 billion U.S. dollars in March, thanks to a plunge in imports

amid the global recession, the Ministry of Knowledge and Economy said Monday.

Lee Dong-geun, a deputy minister at the Ministry of Knowledge and Economy,

said at a press meeting that imports are likely to make an on-year drop of 33

percent until the middle of the month, while exports are decreasing by 22

percent, according to the preliminary figures.

With international energy prices and the exchange rates staying steady, the

amount of the monthly surplus is expected to exceed the highest level reached in

April 1998, 3.85 billion U.S. dollars, and to break the 4 billion U.S. dollar

mark, according to the deputy minister.

"Although exports are decreasing, energy prices are plummeting at a faster

rate due to the economic slump, which may place the trade balance in positive

territory," he added.

If the surplus expectation is fulfilled for March, the nation's monthly

trade balance will be staying in the black for two consecutive months,

continuing from the surplus of 2.93 billion U.S. dollars in February.

The deputy master also said that exports are likely to make an upward turn

in the fourth quarter, after staying at a decreasing slope until September.

He also said that a trade surplus of around 20 billion U.S. dollars are

expected for 2009, even though total exports may not meet the forecast made in

2008, 422 billion U.S. dollars.