In Korea, documentary credit trade grew by 12 per cent in the first 11 days of December, despite a fall in both imports and exports. Exports for the period reached US$4.06 billion, 0.4 per cent lower than the same period in 1999 while imports, which usually surge at this time of year, plummeted 4.1 per cent.

The number of documentary credits issued, however, increased by 12 per cent, although this was markedly slower growth than the 17 per cent rise recorded during the same period in November 2000.

An official from the commerce, industry and trade which issued the figures remained confident that Korea would achieve its target trade surplus for the year of US$11 billion since both exports and imports were dwindling. Falling oil prices were responsible for slowing imports.