Korea’s trade deficit with Japan fell in the first half, compared with a year earlier mainly because exports by Asia’s fourth-largest economy benefited from Japan’s devastating quake in March, data showed Sunday.
Korea’s exports to Japan rose 49.9 percent on-year to $17.7 billion in the January-June period while imports grew 11.3 percent to $32.1 billion, according to data compiled by the Ministry of Knowledge Economy.
Korea’s trade deficit with the world’s third-largest economy amounted to $14.4 billion in the first half, down from a $16.9 billion shortfall registered in the same period of last year, it showed.
The government said a rise in Korea’s exports to Japan mainly came as the powerful earthquake crippled factory operations there, causing Korea’s overseas shipments of components and machinery to gain ground.
South Korea has been suffering from a chronic trade deficit with Japan as the country heavily relies on imports of key industrial parts from the neighboring country.
Compared with a year earlier, Korea’s exports to Japan shot up 53.5 percent and 63.2 percent, respectively, in March and April.
