S Korean President highlights China, Japan as new export opportunities

Special Report:Global Financial Crisis

SEOUL,Feb. 4 (Chinese media) -- South Korean President Lee Myung-bak spurred

businesses to focus on China, Japan, and South American markets for export

opportunities, as the country's products are at a price advantage due to the

weak local currency, the president's aides said.

The president highlighted China and Japan as possible markets where South

Korean products could find new outlets when inspecting the Ministry of Knowledge

and Economy.

The president's remarks apparently come as the South Korean won plummeted

25.7 percent against the U.S. dollar last year, while the Japanese yen and the

Chinese yuan gained 23.9 percent and 7.1 percent against the U.S. dollar,

respectively, in 2008, according to the Bank of Korea.

According to the ministry, exports to China dropped 32.9 percent in

November and 32.3 percent in December due to the global economic downturn.

The ministry said earlier on Monday that the country's exports in January

declined 32.8 percent from the year before.

S Korea's export marks record drop in

January

SEOUL, Feb. 2 (Chinese media) -- S. Korea's exports made a

record decline of 32.8 percent in January from the same period in the previous

year due to the cutback in the overseas demand for locally made goods along with

the global economic recession, according to a government report on Monday.

The report by the Ministry of Knowledge Economy

showed that the country's exports reached 21.7 billion U.S. dollars, while

imports lost 32.1 percent to 24.6 billion dollars, together to sum up a trade

deficit of 2.9 billion dollars. Full story