Korea’s ex­ports to sur­pass $600 bil­lion in 2018

The Korea Times - - BUSINESS - (Yon­hap)

Korea’s ex­ports are ex­pected to ex­ceed $600 bil­lion for the first time this year on up­beat sales of mem­ory chips, ma­chin­ery and petro­chem­i­cal prod­ucts, the trade min­istry said Fri­day.

Out­bound ship­ments were ex­pected to reach the bench­mark on Dec. 27, which would make the na­tion the world’s sixth-largest ex­porter, the Min­istry of Trade, In­dus­try and En­ergy said.

To­tal trade vol­ume is set to reach over $1.1 tril­lion by the end of this year, the min­istry said.

The na­tion’s trade vol­ume ac­counted for 3.1 per­cent of to­tal global trade in the first eight months of this year, up from 2.6 per­cent in 2008, it noted.

Over­seas sales of semi­con­duc­tors, gen­eral ma­chin­ery and petro­chem­i­cal prod­ucts all reached record-highs this year, boost­ing over­all growth for Asia’s fourth-largest econ­omy.

Ex­ports to the As­so­ci­a­tion of South­east Asian Na­tions also ex­panded to their high­est-ever level, led by boom­ing man­u­fac­tur­ing in the fast-ris­ing eco­nomic bloc.

The gov­ern­ment vowed to take proac­tive mea­sures to en­hance com­pet­i­tive­ness of the lo­cal in­dus- try to main­tain growth mo­men­tum next year, stress­ing the role of ex­porters amid lack­lus­ter do­mes­tic de­mand and the tight job mar­ket.

“It is time for the Korean econ­omy to carry out fun­da­men­tal re­forms to leap for­ward in the un­fa­vor­able global trade en­vi­ron­ment,” in­dus­try min­is­ter Sung Yun-mo said in an award cer­e­mony for lead­ing ex­porters.

“We will make ef­forts to upgrade lead­ing ex­port in­dus­tries and diver­sify mar­kets, while ex­pand­ing sup­port for small and medium-sized com­pa­nies’ global mar­ket­ing ef­forts.”

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