Pusan shows trade deficit in February

The Pusan and surrounding area had an unstable start from the beginning of this year, dipping into the red for the first time in four years.

According to "the trade tendency in January and February 2001", released by the Pusan branch of the Korea International Trade Association, exports from Pusan decreased by 2.8% to $630 million over the same period last year. On the other hand, imports increased by 2.9% to $631 million, leaving Pusan trade $1 million in red for the period.
Last January, exports dropped 14.7% to $296 million compared to the same period of last year. Imports also slid to $297 million, down just 0.7% in the wake of the lunar New Year holiday. Coming February, however, imports and exports both jumped 6.4% and 10.9%, respectively.

Four years have passed since Pusan recorded a trade deficit of $21 million in January 1997.

This accounted for the slow down in labor-intensive product exports, such as textiles and shoes, as well as heavy and chemical products, such as steel and vessels, all in part due to the Japanese economy regression and the yen's depreciation.
In the mean time, the export occupation ratio in the Pusan and surrounding area dipped to 2.3% in January and 2.5% in February. It recorded 3.2 percent last year.