Trade Volume to Surpass $1 Tril. for 4 Consecutive Years
Trade Volume to Surpass $1 Tril. for 4 Consecutive Years
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2014.11.28 22:02
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SEOUL KOREA - Korea's volume of trade, the sum of export and import, has surpassed the US$1-trillion level on November 28. This is the fourth consecutive year in which the trade volume exceeded $1 trillion, but this year the day on which the milestone was reached was the earliest in November. A high-ranking official with the Ministry of Trade, Industry, and Energy said on the 27th, "The total trade volume for this year as of November 26 was US$994 billion. Given the daily average trade amount is $4.5 billion, it is highly likely the $1-trillion mark would be reached by the morning of the 28th."
 
Since achieving the record $1,082.3-billion trade volume in 2011, the figure has consistently remained above the level since then. But the day on which it was accomplished was usually on December 5 to 10. But this year it was moved up by a week or so thanks to a better export performance of small- and medium-sized firms. At this rate, trade analysts said, the total trade volume for the whole year is projected to be more than $1.1 trillion. In this case, Korea's trade size is the world's eighth highest overtaking that for Hong Kong.
 
In the export front, the rise of semiconductors has been most notable. The share of semiconductor exports in total was 9.2 percent in 2012 and 10.2 percent in 2013. The ratio has increased to 10.7 percent for the ten-month period this year. As for imports, the percentage of consumer goods in total has climbed up to 11.5 percent during the first ten months of the year from 9.8 percent last year. In contrast, the share of raw materials including crude oil fell abruptly to 60.7 percent from 63.0 percent in 2012, largely due to the declining international oil prices.
 
By trading partner, China accounted for the largest share with $184.4 billion ($114.1 billion in exports and $70.3 billion in imports). Of this, the share of Chinese imports in total rose to 16.6 percent from 15.6 percent in 2012 and 16.1 percent in 2013. This is the largest among individual countries except the EU. The trade volume with the United States increased 11 percent to $91.5 billion from the previous year due to an economic recovery.

 

Article provided by The Korea Economic Daily


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