SEOUL, KOREA --- The trade volume of Korea surpassed USD1 trillion. The country began from nothing at all due to the Japanese colonial rule and the Korean War. In January 1962, the country mapped out a five-year economic plan. 50 years later, Korea entered an era of USD500 billion in exports and USD1 trillion in trade.  

In 1945, Korea was liberated from Japan, but has been controlled by the U.S.in all areas of trade such as the exchange of materials, bringing in or taking out assets and overseas travel. Korea’s industrial activities virtually stopped after Japan took its capital and technology away from Korea. Then the Korean War broke out. The South Koreans were unable to receive materials and electric power after the North Koreans stopped supplying them. South Korea was a poor country barely keeping its head above water with foreign aid. 

50 years have passed since then. On December 5, “Korea’s annual trade volume surpassed USD1 trillion at 3:30 pm,” the Ministry of Knowledge Economy announced. Only eight countries in the world -- the U.S., China, Germany, Japan, France, the Netherlands, the U.K. and Italy have reached USD1 trillion in exports ahead of Korea. “Reaching USD1 trillion in trade volume means that Korea has entered the center of the world trade,“ said Hong Seok-woo, Minister of Knowledge Economy. “This is a historic event that should make the Korean people very proud.” The Ministry of Knowledge Economy is planning to hold the 48^th Trade Day to mark Korea’s reaching USD1 trillion in trade volume on December 12. The ceremony will launch Korea’s new goal to reach USD2 trillion in trade volume.  

Korea has been a fast growing export powerhouse. Coporate Korea’s trade volume surpassed USD10 billion in 1974. In 1988, the figure went beyond USD100 billion. In 2005, it reached USD500 billion. The other eight countries took an average of 26.4 years to reach USD1 trillion from USD100 billion and an average of 8.4 years from USD500 billion. It took Korea 23 years and six years, respectively.   

A trade volume of USD1 trillion externally signals that Korea has become a major economic power and subsequently enhances the image of Korean products. Over the past 50 years, since the start of industrialization,  Korea has accumulated industrial capital, created jobs, and improved the quality of life through trade and exports, while expanding social and cultural infrastructure a great deal.

Trade has driven the economic growth of Korea, while enabling the nation to overcome an economic crises. During this process, Korea has accumulated a world-class industrial infrastructure which has become a valuable national asset for Korea to prepare for future growth. Korea was one of the poorest countries in the world in the 1960s, but the nation is emerging as a major economic powerhouse with world-leading industries such as shipbuilding, displays, cell phones, automobiles and semiconductors and competitive global companies. The expansion of Korea’s exports made a huge contribution to the growth of Korea's economic, social and cultural sectors. The ratio of exports' contribution to economic growth rose to 50.4% in the 2000s from 32.6% in the 1990s. Korea has successfully changed itself from an aid-receiving poor country to an aid-giving country. Its per-capita income has increased more than 200 times.    

Korea’s imports have changed as well. In the past, Korea imported food and materials for the production of labor-intensive products to export them. At the moment, Korea's main imports are automobiles, electronic products, personal and household care products, advanced products and parts and energy.

But Korea has some tasks to complete. The Korean economic environment is very sensitive to changes in the global market due to its heavy dependence on trade. At the same time, the nation has to find solutions to sustainable growth in the trade sector. In an era of USD1 trillion in exports, Korea is facing new challenges – a possibility of protectionism due to uncertainties in the world economy, a transfer of market power to newly emerging economies, technological convergence, and the rapid expansion of global networks. Moreover, Korea should address the problem that trade and export is mainly led by big conglomerates, and fails to contribute to the growth of small and medium-sized companies and in improvement to lives of ordinary people.