SEOUL, KOREA - The Ministry of Trade, Industry, and Energy said on January 16 that Korea's materials and parts manufacturers posted a trade surplus of US$97.6 billion last year, the highest-ever figure in history.
The export amount in materials and parts was $263.1 billion, up 3.8 percent from the previous year with the import volume rising 1.9 percent to $165.5 billion. The ratio of imports from Japan is the historic low of 20.8 percent last year.
The ministry also said that the surplus figure is projected to break the $100-billion level at the end of this year. According to the ministry's end-of-the-year projection, the export and import figures in materials and parts trade would be $275.0 billion and $173.8 billion, respectively, with the ratio of imports from Japan falling as low as the below 20-percent level.
The main reason Korea's materials and parts surplus has increased markedly has to do with the fact that the exports to China have risen rapidly. The materials and parts exports to China last year was $91.5 billion, up 5.46 percent from the previous year, with the trade surplus rising to $47.2 billion.
A Trade Ministry official said, "Most of the trade surplus with China are realized in the areas of electronic parts, high value-added chemical compounds and chemical products."
In terms of export amount, Korea is ranked No. 5 in the world, after China, Germany, the United States, and Japan. The government aims to climb up to the rank of the fourth largest supplier by 2020 by overtaking Japan.
저작권자 © Korea IT Times 무단전재 및 재배포 금지
