Monday, 26th April 2004 (3020 views)

Gold imports in Korea have seen an increase more than double that of last year.

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.

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.

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.

Import results exceeded the highest experienced by Korea since 1997 when imports reached a record $14.2 billion.

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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