FT Blamed for False Korea Report
By Kim Jae-won
Staff Report
A renowned U.K. scholar blamed the Financial Times for a false report on the Korean economy.
Aidan Foster-Carter, honorary senior research fellow in sociology and modern Korea at Leeds University, argued that the newspaper used wrong data on the Korean economy in a letter to the FT titled ``Raise a glass to Korean exporters,’’ published by the paper, Friday.
``The South Korean government tends to complain that the British financial press has got it in for them. For once, I fear you have given them cause,’’ he said.
He pointed out that although the FT reported that Korea’s industrial output has been disappointing, shrinking 4 percent from October, there has yet to be November data, noting that it was October production that fell 3.8 percent compared with September.
He added that the daily did not count Chuseok when evaluating the October figures. ``This was chiefly due to October having fewer working days because of Chuseok, the Korean harvest festival holiday. With that taken into account, October's output in fact grew by 4.2 percent.’’
Foster-Carter also quoted The Korea Times, saying that the FT neglected important facts that Korea exceeded Britain in the total amount of exports.
``You overlook other more germane comparisons, and indeed news items. So far as I know, you have not reported a ceremony in Seoul on Nov. 30, attended by President Lee Myung-bak. According to The Korea Times, this was to mark Korea's having become the world's ninth-largest exporter, surpassing Britain, Canada and Russia.’’
The Korean specialist said that the nation deserved to celebrate its success.
``If Korea has indeed now overtaken the UK ― once the workshop of the world ― as an exporter, then I submit that the cold water should be on our heads. The Koreans deserve cold champagne.’’
Christian Oliver, the FT’s correspondent in Korea and the writer of the article, admitted he made a mistake.
``(Foster-Carter) is right. It should be in October, not from October. It is a small mistake, but had a huge effect,’’ Oliver told The Korea Times.
However, he did not agree with the scholar on other arguments.
``There are holidays in every month, and strikes also always happen. We cannot count them all.’’
On the matter of exporting rankings, Oliver said it could change all the time, and he does not think he should report those rankings all the time saying ``we do not play that kind of game.’’
A spokesman of the Korean government said that foreign correspondents had a lack of understanding on Korea and the Korean economy compared to local reporters.
``Foreign correspondents here lack an understanding of local situations compared to Korean reporters,’’ Kim Young-min, spokesman for correspondents at the Ministry of Strategy and Finance, said.