South Korea reports trade deficit with EU

South Korea registered a trade deficit with the European Union (EU) in 2012 due to less demand from the region, which is struggling with prolonged fiscal debt problems. According to Korean news agency (Yonhap), South Korea’s exports to the EU fell 11.4 percent on-year to $49.4 billion, while imports from the economic block increased 6.4 percent to $50.4 billion. The 2012 deficit is attributed to weakening exports of South Korean products to the EU still struggling with the prolonged debt problems. Exports of such flagship products as ships, mobile communications equipment and semiconductors plunged more than 30 percent last year, leading the overall exports decline, the agency said.