i n 1997 south korea was the fourth largest destination for us agricultural products buying 5 percent of exports beginning in late and extending into 1998 experienced a major economic shock including devaluation its currency decline production goods services temporary difficulty obtaining credit what signifi cance to s trade does future hold financial crisis hit hard november when value won confidence situation went free fall by january lost more than 50 year earlier dollar terms korean banks seemed close insolvency from both foreign sources became extremely difficult obtain interest rates doubled 25 per cent without affordable access economy began stagger strong intervention government international monetary fund measures restore grad ually rebuilt increased after currently lies 30 below pre
