Posted December. 08, 2008 05:16,
Koreas exports for the year are forecast to top a record high 400 billion U.S. dollars today.
The Korea International Trade Association said yesterday that exports reached an estimated 357.6 billion dollars at the end of last month and will reach 400 billion dollars today.
Koreas exports reached the milestone of 100 million dollars in 1964, one billion dollars in 1971, 10 billion dollars in 1977 and 100 billion dollars in 1995.
The country took 13 years to raise its export volume from 100 billion to 400 billion dollars. The United States, Germany, Japan and China took an average of 17.2 years to go from 100 billion to 400 billion dollars in exports.
Breaking the barrier of 400 billion dollars is especially meaningful given the global economy is struggling in the wake of the Wall Street financial crisis. This feat was thanks to Koreas export industrys high level of sophistication with state-of-the-art technology such as ships, petroleum products, wireless communication devices and semiconductors, said Roh Seong-ho, a senior official at the trade association.
The association will hold a ceremony today to mark the milestone, with Knowledge and Economy Minister Lee Youn-ho, Korea International Trade Association President Lee Hee-beom, and Korea Trade-Investment Promotion Agency President Cho Hwan-eik.
As the trade deficit surged to 13.3 billion dollars in the first 11 months this year, the association forecast the first trade deficit in 11 years this year since the 1997 Asian financial crisis. Exports are also expected to remain sluggish in the first half of next year.
To invigorate exports, the association proposed stabilizing the won-dollar exchange rate, increasing support for trade and finance sectors, exploring niche markets, and sharpening competitiveness through cost cutting.