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Korea to rank 8th in world trade list this year: ministry

Korea to rank 8th in world trade list this year: ministry

Posted November. 27, 2012 04:35,   


Despite the global economic downturn, Korea is likely rank eighth on the world`s list of trading nations this year, with trade volume surpassing 1 trillion U.S. dollars for the second straight year.

In an export and import trends meeting Monday, the Knowledge Economy Ministry said Korea is expected to overtake Italy for the world`s No. 8 spot in trade volume this year, up from ninth last year.

Over the first nine months of this year, Korea`s trade reached 797.9 billion U.S. dollars, trailing only the U.S., China, Germany, Japan, France, the Netherlands and the U.K. The government expects this trend to continue until the end of the year.

Korea`s ranking has steadily improved by one notch every two or three years over the past decade, going from 13th in 2000 to 12th in 2003, 11th in 2007 to 10th in 2009, and to ninth in 2010.

The country`s trade volume will surpass 1 trillion dollars this year for the second straight year, but the ministry predicted a few more days are needed to reach the mark this year. Trade volume had topped 1 trillion dollars on Dec. 5 last year.

The government also had expected Korea to escape its recessionary trade surplus, citing rebounding exports and imports. According to the Korea Customs Service, exports rose 1.1 percent year-on-year in October to 47.1 billion dollars, while imports increased 1.7 percent. Exports and imports simultaneously rose for the first time in eight months.

A ministry official said, "Despite the overall decline in global trade, Korea fared relatively better than other countries in exports. But the world`s economic slump and protectionism will add difficulties for exporters next year."