South Korea's monthly trade surplus may reach a record high of US$4 billion in March, thanks to a plunge in imports amid the global recession, the Ministry of Knowledge and Economy said on Monday.

Lee Dong-geun, a deputy minister at the Ministry of Knowledge and Economy, said at a press meeting that imports are likely to make an on-year drop of 33 percent until the middle of the month, while exports are decreasing by 22 percent, according to the preliminary figures.

With international energy prices and the exchange rates staying steady, the amount of the monthly surplus is expected to exceed the highest level reached in April 1998, US$3.85 billion, and to break the US$4 billion mark, according to the deputy minister.

"Although exports are decreasing, energy prices are plummeting at a faster rate due to the economic slump, which may place the trade balance in positive territory," he added.

If the surplus expectation is fulfilled for March, the nation's monthly trade balance will be staying in the black for two consecutive months, continuing from the surplus of US$2.93 billion in February.

The deputy master also said that exports are likely to make an upward turn in the fourth quarter, after staying at a decreasing slope until September.

He also said that a trade surplus of around US$20 billion are expected for 2009, even though total exports may not meet the forecast made in 2008, US$422 billion.

(Xinhua News Agency March 16, 2009)