(MENAFN) South Korea announced posting a trade deficit with the European Union (EU) for the second consecutive year since it signed a bilateral free trade agreement (FTS), QNA reporte
The South Korean Ministry of Trade, Industry and Energy said that the country's exports to the EU reached USD47.3 billion from July 2013 to May 2014, up 7.8 percent over a year earlie
Meanwhile, the country's imports increased 12.5 percent to USD54.7 billion, marking a trade deficit of USD7.4 billion on the third year of the FTA, Korea's (KBS WORLD) website reporte
The ministry attributed the growing deficit to decreases in imports by Europe due to the eurozone's fiscal crisis and the won's appreciation against the euro and the US dollar
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