Despite the global economic crisis, major industries including IT, shipbuilding, and automobiles remained successful in overseas markets. For the first time Korea is expected to be ranked among the top 10 global exporting countries. On Nov. 24, the Ministry of Knowledge Economy analyzed the export record and the results showed that Korea exported US$260 billion worth of goods from January to September, remaining at ninth place.
Korea moved 3 steps upward from last year's No. 12 spot. According to the Ministry of Knowledge Economy, the decreased rate of export was relatively lower than competitors - UK (10th), Canada (11th), Hong Kong (12th), and Russia (13th). Actually, the export rate of the top 15 global export countries was reduced by 27.8% on average. Compared to a 20.9% decrease in the export rate of Korea, the UK had 30.5%, Canada had 36.6%, and Russia had 44.3%. Also, the trade surplus reached US$30.1 billion and ranked at 5th in the world after China (US$136.3 billion), Germany (US$122.1 billion), Russia (US$76.7 billion) and the Netherlands (US$33.9 billion).
A representative from the Ministry of Knowledge Economy said, "Liquid crystal devices like LCDs had over 17% increase in export until October, and semiconductors also showed growth since September." He added, "On the other hand, due to the crude oil price drop, Russia and the UK had a significant decrease in exports."
The Ministry of Knowledge Economy expects Korea to be ranked in the top 9 or 10 this year unless the major economic variables that affect the trade change. Since 1950, Korea is hoping to be the 3rd Asian country after Japan in 1955 and China in 1997 to be recorded in the top 10 global export countries.