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S. Korea's 2010 trade surplus expected to near US$30 bln
SEOUL, July 29 (Yonhap) -- South Korea's annual trade surplus is expected to come close to US$30 billion this year thanks to solid export gains, the government said Thursday.
The Ministry of Knowledge Economy said the forecast is based on the $18.94 billion surplus tallied for the first six months of this year and a favorable trade balance that could exceed $4 billion in July.
The country's trade surplus in the January-July period is just shy of the $23 billion predicted by Seoul late last month. In 2009, the country posted an all-time high surplus of $40.0 billion.
"The government predicted that exports would start to drop off coming into the second half, but for the time being, outbound shipments are doing much better than anticipated, although not as large as the figures reached in the previous month," a ministry official said.
In June, the country posted a record trade surplus of $7.47 billion, mainly due to a surge in overseas demand for locally made semiconductors and ships.
He said that if the present pace can be maintained, the favorable trade balance may even exceed $30 billion by year's end.
The ministry, however, cautioned that trade could suffer if countries start implementing so-called exit strategies to stem inflationary pressure.
It added that lingering fiscal uncertainties in some European countries may hurt demand and business investments, which could adversely affect South Korean exports.
yonngong@yna.co.kr
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