(MENAFN- Qatar News Agency) Oul june 29 (qna) - south korea posted a trade deficit with the european union for the second consecutive year since it signed a bilateral free trade agreement
the ministry of trade industry and energy said sunday that the country's exports to the eu marked 47.3 billion us dollars from july 2013 to may this year up 7.8% year-on-year
the nation's imports however surged 12.5% to 54.7 billion us dollars marking a trade deficit of 7.4 billion dollars on the third year of the fta according to korea's (kbs world) website
the ministry said that the growing deficit is attributed to decreases in imports by europe due to the european fiscal crisis and the won's appreciation against the euro and the us dollar
the nation's imports from eu member states increased in cars pumps aircraft and parts with imports of chip manufacturing equipment surging 136%
south korea's imports of farm and fishery products recorded 3.5 billion dollars during the period up 18.8% while the nation's exports of farm products to the eu inched up 2.5% to 400 million dollars. (qn
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