(MENAFN) South Korea's trade deficit with the European Union (EU) topped the USD10 billion mark last year, largely due to a drop in the shipbuilding sector and European carmakers' enhanced presence here following the implementaion od the bilateral free trade agreement in 2011, industry data showed, QNA reported.
according to the data, South Korea's exports to the world's single largest economic bloc gained 5.5 percent through December 20 last year to USD 20.04 billion, while imports from the eurozone countries surged 9.9 percent over the cited period to a record high of USD60.27 billion, resulting a trade deficit of USD10.17 billion.
The country's customs office did not reveal the latest tally, but estimated last year's exports to the EU at USD51.7 billion. And imports from the economic bloc are estimated at USD62.3 billion.
South Korea's trade shortfall with the EU reached USD7.37 billion in 2013 and USD970 million in 2012, ending its trade surplus for 14th consecutive years since 1998, local media reported.
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