NEWS BRIEF

[Anchor Lead]

The trade ministry said the country's exports in the year's first half grew 15.6% on-year to 350 billion dollars while imports jumped more than 26% to 360 billion. The resulting trade deficit of 10.3 billion dollars is the largest ever for the first half of the year period. The trade balance in June also posted a deficit of 2.47 billion dollars, continuing a deficit streak for the third month. The ministry said the largest contributing factor was surging raw material prices increasing energy imports.
Chairing an emergency economic meeting today, vice finance minister Bang Ki-sun said that consumer price growth in June is expected to be higher than May and inflationary pressures will continue for quite some time. He said the government was doing its best to respond to high inflation. He also promised that the expanded fuel tax cut taking effect from Friday can be reflected in market prices right away. Starting July, the existing 30% fuel tax reduction is expanded to 37%.
The ruling People Power Party's chief policymaker Sung Il-jong has said controversy surrounding health minister nominee Kim Seung-hee is not desirable. The remark comes after the election watchdog requested the prosecution to open an investigation into allegations that Kim violated the Political Funds Act. Speaking in a radio program today, the lawmaker said the nominee would not have committed the alleged violation and it's likely her accountants may be responsible. But Sung said that in any case, it does not look good. The opposition bloc is pressuring the nominee to step down.