Korea jumped two spots ahead from last year, ninth-biggest exporter, in exports. As the Trade Day reaches the age of 47, today, Korea International Trade Association (KITA) announced that Korea is expected to become the world's seventh-largest exporter this year as reaching the amount of USD 466 billion in exports, which is the exceeding level before the economic crisis in 2008.
Also, KITA forecasts that exports reach a total trade volume USD 1 trillion to rank the ninth trade nation in the world next year.
KITA sees that Korea will have a surplus of USD 42 billion as exports are expected to rise by 28.2 percent to USD 466 billion and imports by 31.2 percent to USD 424 billion, by far the nation's highest number.
In addition, KITA forecasts for the next year, exports will increase 10.7 percent to USD 516 billion and imports will grow 14.4 percent to USD 485 billion for next year.
Officials from KITA said the successful host of G-20 summit made this splendid achievement possible. KITA also urged that Korea business community needs to take full advantage of free trade deals with the European Union and Peru and actively use Korea's brand power following the hosting of the G20 Seoul Summit this year for the continued growth in exports.
Nevertheless a lot of uncertainties in global economy are likely to weaken the exports growth next year, the nation's key exports items such as automobile parts, machineries and textiles will lead the strong exports continually. The automobile parts industry is expected to grow the demands in the emerging markets including China. IT industry also has a positive outlook for the next year as the demand on TV panel, Semiconductors, and Smartphone display increases.
The trade conditions would improve when the currency stabilizes and new free trade agreements with the EU and Peru are fully utilized.
Meanwhile, as celebration of the 47th trade day, the government of Korea announced its ambitious vision to become world's top 7exporter by 2015.
With this, the Ministry of Knowledge Economy announced seven potential-laden markets, such as Central and South America, the Middle East, Africa, central Asia, China, India and the Association of Southeast Asian Nations. To increase the trade volume, the ministry is planning to enter the infra market which is linking into resources development and target the middle class consumer market aggressively. The ministry also will establish new infrastructure to foster 500 SMEs as global businesses.
In addition, the ministry will integrate and organize all the trade information from the various ministries as well as expanding online-based electronic trading networks. Also, they enhance the support for pioneering the field of new trade sectors including procurement, services, and plant.
