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Monday, 26th April 2004 (4546 views)

Gold imports in Korea have seen an increase more than double that of last year.<BR/><BR/>Figures for the first quarter of the year show record high results of $1.57 billion between January and March, a huge increase of 229.7 per cent, according to The Korea Herald.<BR/><BR/>The Korea International Trade Association claims the boom is due to manufacturers and importers reaping the benefits of an increasing price for the precious metal, as well as tax breaks.<BR/><BR/>Tax has been made exempt from gold product transactions for two years since last July and domestic prices have see an approximate 13 per cent increase within the last year.<BR/><BR/>Import results exceeded the highest experienced by Korea since 1997 when imports reached a record $14.2 billion.<BR/><BR/>According to the association, gold is now the nation's fourth top import item and exports also performed well with the amount of gold products increasing by 295 per cent to $1.47 billion.

 

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