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"South Korea’s trade surplus in 2012 shrank 7.1 percent to $28.6 billion in 2012, data showed yesterday, as exports were hit by shrinking demand in the key European market.&lt;br&gt;&lt;br&gt;Overseas shipments fell 1.3 percent to $548.2 billion last year, while imports slipped 0.9 percent to $519.5 billion, the Ministry of Knowledge Economy said.&lt;br&gt;&lt;br&gt;The 2012 trade surplus figure is down from $30.8 billion in 2011 and well off the $41.2 billion in 2010, it said.&lt;br&gt;&lt;br&gt;In December alone, exports fell 5.5 percent from a year ago to $45.1 billion and imports retreated 5.3 percent to $43.07 billion.&lt;br&gt;&lt;br&gt;Shipments to Europe in 2012 plunged 12.5 percent year-on-year to $47.6 billion, while exports to top destination China, which suffered a slowdown in growth during the year, fell 0.1 percent to $130 billion.&lt;br&gt;The numbers come a day after official figures showed inflation slowed to a four-month low of 1.4 percent in December, giving the central bank leeway to loosen monetary policy to boost economic growth.&lt;br&gt;&lt;br&gt;Bank of Korea policymakers left the key interest rate unchanged at 2.75 percent in a meeting last month, after trimming it twice throughout the year.&lt;br&gt;&lt;br&gt;South Korea’s economy expanded at its slowest pace in three years in the three months to September, hit by falling demand overseas, with Europe gripped by a debilitating debt crisis. The government has warned that 2013 will likely be equally tough."
<https://www.hurriyetdailynews.com/south-koreas-foreign-trade-surplus-drops-7-pct-in-2012-38127>