“Korea’s GDP Ranked 10th Last Year”

Korea’s gross domestic product (GDP) in 2004 is expected to rank 10th in the world, surpassing that of Mexico.

Moreover, Korea is forecasted to enter the era of per capita income of $20,000 by 2008.

The figures, however, are attributable to the fall in the won-dollar exchange rate, so the Korean people are not likely to feel the actual improvement in income growth.

The Ministry of Commerce, Industry and Energy (MOCIE) released the report, “Korea’s Status in the World,” on Thursday. It shows that Korea’s GDP in 2003 ranked 11th with $605.2 billion. The ranking is estimated to move one notch up last year with GDP standing at $667.4 billion, boosted by strong exports, exceeding Mexico ($663.1 billion).

Korea reaped $254.2 billion in exports last year, which was the 12th largest in the world. Setting the ranking on the basis of homemade products excluding transit trade, Korea is the world’s ninth largest exporting country, coming ahead of the Netherlands and Belgium.

By industries, shipbuilding topped the list, specifically in the amount of order and building. By production volumes, automobile (sixth), steel (fifth), petrochemical (fifth), textile (fifth), semiconductor (third), and digital electronic products (fifth) evenly ranked high in the world.

Chang-Won Kim changkim@donga.com