South Korean '09 agricultural and fisheries trade deficit narrows

The agricultural and fisheries trade shortfall in South Korea eased slightly last year, thanks largely to a fall in international food prices amid the global economic downturn.

According to the Ministry for Food, Agriculture, Forestry and Fisheries (MFAFF), the country posted a deficit of US$16.4 billion in agriculture and fisheries trade last year, narrowing from a deficit of US$18.72 billion a year earlier.

Exports of agricultural and fisheries products rose 7% to US$4.81 billion last year, while imports dropped 8.4% during the same period to US$21.24 billion, MFAFF said.