Business News
South Korean consumer prices up, trade surplus shrinks
Feb 1, 2011, 3:27 GMT
Seoul - Consumer prices in South Korea increased by 4.1 per cent in January year-on-year, dragged up by price rises in agricultural products and energy, the government said Tuesday.
At the same time, the trade surplus of Asia's fourth-largest economy narrowed with record exports being balanced by rising prices in energy and commodities imports.
The consumer price was up from 3.5 per cent in December, Statistics Korea said, adding that a prolonged cold spell, rising oil prices and an outbreak of foot-and-mouth disease contributed to the rise.
The government has been fighting a losing battle to keep inflation down at around 3 per cent, among others by easing import taxes on basic goods, freezing public service fees and college tuition.
Prices for fresh food were up 30.2 per cent year-on-year and energy costs increased by 10.9 per cent.
The trade surplus was at 2.96 billion dollars in January, down from 4.08 billion in December, the Ministry of Knowledge Economy said. Exports were up 46 per cent to 44.89 billion dollars while imports increased by 32.9 per cent to 41.93 billion dollars.
Exports were dominated by demand for cars, ships and electronics, in particular in the mobile communications sector.
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