South Korea’s transportation and construction service sectors remains competitive, despite economic downturn and slow world market growth.
South Korean finance ministry said in nine months of 2011, surplus in transportation industry reached $7.3 billion, up $1.2 billion from the same time period in 2010.
It said of the total, ship-related freight handling was in the black by $5.6 billion while the size of the surplus created by South Korean airline companies hit $1.7 billion.
The country’s transportation surplus, which hit $8.0 billion in 2008, plunged to just $5.2 billion in the following years when the worldwide economy rocked by the U.S. Lehman Brothers collapse.
Numbers rebounded to $9.2 billion last year on the strength of the worldwide economic improvement.
In the construction sector, the finance ministry said the surplus reached $8.1 billion in the January-September period for a gain of $2.2 billion from a year earlier.
The increase can credited to the record-high building orders secured by local construction and engineering companies last year.
The ministry, in charge of the country’s economic policies, claimed both transportation and construction sectors post growth in 2011.
South Korean government report release end of November 2011, meanwhile, showed Asia’s fourth-largest economy posting shortfalls in travel, tourism and intellectual property right areas that offset any gains in transportation and construction.
The country has consistently reported a shortfall in the service sector from 2000 onwards with last year’s total hitting $11.2 billion. For 2012, the balance was in the red by $4.5 billion from late September.
Source: Yonhap News
(this article published in 1BINA.my