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Korean Exports Could Break $300B Mark

Posted November. 22, 2006 06:55,   


Korean exports are poised to exceed $300 billion for the first time ever early next month. It is as much as 40% of Korea’s GDP last year.

Forecasts show that if this trend continues, Korean exports will reach $290 billion by the end of this month, and will exceed $300 billion in early December, according to the Ministry of Commerce, Industry and Energy Tuesday. The previous export record was 284.4 billion dollars set last year.

“The amount of automobile, ship and steel exports, the main items of Korean exports, have gone up. Moreover, export of petroleum-based products like gasoline and diesel has risen due to a jump in oil prices,” said Cha Dong-hyung, an executive officer of import/export team in ministry of Commerce, Industry and Energy.

Korea will be the 11th country to achieve 300 billion dollars in annual exports if it exceeds that mark early next month.

Because imports, which already reached $255 billion in October, are estimated to exceed $300 billion this year, the annual trade volume of Korea is expected to exceed $600 billion this year.