South Korean exports rise to record high in 2007; trade deficit posted for December

South Korea's exports rose to a record high in 2007, though the country posted its first trade deficit in nearly five years in December because of costlier raw materials, the government said Wednesday.

Exports rose 14.2 percent in 2007 to US$371.8 billion (euro254.6 billion), while imports increased 15.3 percent to US$356.7 billion (euro244.2 billion), the Ministry of Commerce, Industry and Energy said in a report.

That resulted in a trade surplus of US$15.1 billion (euro10.3 billion) for the year, the ministry said.

South Korea posted a trade deficit of US$865 million (euro592 million) in December, however, due to higher international resource prices and a recovery in domestic consumption, the ministry said. It was the first monthly trade shortfall since March 2003.

Exports in December rose 15.5 percent from the same month in 2006 to total US$33.25 billion (euro22.76 billion), the report said. Imports increased 24 percent to US$34.11 billion (euro23.35 billion).

The data are preliminary.