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Data compiled by the Korean International Trade Association (KITA) shows that imports in the country reached $13.52 billion over the January-November period. If the scenario continues to remain the same in the last month of 2016, imports may exceed the previous record of $14.65 billion in 2014, according to a leading South Korean daily.
The textile industry of Asian country has already logged a trade deficit of $1.09 billion, exceeding last year’s deficit of $157 million for a huge margin.
The South Korean textile sector witnessed a trade deficit for the first time in 2015. High labour costs and competition from foreign countries like China affected the industry’s profitability. (KD)
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