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Ministry hopes to take 3% of global exports
December 01, 2009
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The ministry also said it aims to make Korea the country with the world’s eighth-largest trade volume in 2014. If Korean exports continue to grow, their share of global trade will hit 3.1 percent this year from 2.6 percent last year, the ministry said, based on a poll by Global Insight, a U.S. research institute, released earlier this month. The ministry estimated Korea’s total exports at $363.4 billion, amid a global trade environment totaling $11.7 trillion. Despite a contraction of 13.9 percent in Korean exports on-year, Korea’s market share is expected to expand, since global trade shrank even more - 23.4 percent from last year’s $15.3 trillion. Next year, the ministry expects exports to grow 13 percent to $410 billion, and imports, 21 percent to $390 billion. It also said 2009 will see a record trade surplus. As of October this year Korea’s trade balance was $33.8 billion in the black, with exports at $294 billion and imports at $260.2 billion. The government is hoping for a surplus of over $40 billion by the end of the year, displacing 1998’s $39 billion for the highest ever. With Korea’s exports now recovering, the Knowledge Economy Ministry hopes to see Korea become the world’s eighth-largest trading country with $1.3 trillion total and $650 billion in exports in the next five years and yearly average growth of 12.5 percent. “The conditions for Korean exporters next year may be unfavorable, with increasing competition from countries like China and India,” said President Lee Myung-bak during the 46th Trade Day celebration organized by the Korea International Trade Association at COEX. “Korean companies need to invest in finding new technologies and products that would help expand our export.” The president added that the government will play its role, including ratifying free trade agreements and expanding the budget for research and development to 5 percent of the GDP. Trade Day became an official holiday in 1964, to celebrate Korea’s first year of exports over $100 million. It was initially called “Export Day” but was changed to the name now used in 1987. By Lee Ho-jeong [ojlee82@joongang.co.kr] |
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