ID :
188889
Thu, 06/16/2011 - 05:16
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Shortlink :
https://oananews.org//node/188889
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S. Korea's exports top consumer spending in GDP
Exports exceeded household spending in South Korea's gross domestic product (GDP) for the first time in the first quarter of this year, data showed Thursday, underlining the nation's increased dependence on trade for its economic growth.
According to the data offered by the finance ministry and the central Bank of Korea, exports of products and services amounted to 139.2 trillion won (US$127.9 billion) in the January-March period, or 52.2 percent of GDP.
The seasonally adjusted figure was higher than household spending tallied at 137.1 trillion won during the same period,
This marked the first time that exports have surpassed household spending in the nation's GDP, or the total value of goods and services produced in the economy, since related data started to be compiled.
Exports have been playing a key role in South Korea's economic growth over the past decades as the government focused on trade to bring its economy back on track after the devastating 1950-53 Korean War.
But the latest figures add to concerns that South Korea, Asia's fourth-largest economy, relies too much on exports for growth, leaving itself exposed to external shocks that could affect global trade conditions.
Many experts and policymakers shared such jitters, especially in the wake of the global financial crisis in late 2008.
They argue that the government needs to bolster the nation's domestic demand including private consumption to cushion the economy against any future external shocks.
According to the data offered by the finance ministry and the central Bank of Korea, exports of products and services amounted to 139.2 trillion won (US$127.9 billion) in the January-March period, or 52.2 percent of GDP.
The seasonally adjusted figure was higher than household spending tallied at 137.1 trillion won during the same period,
This marked the first time that exports have surpassed household spending in the nation's GDP, or the total value of goods and services produced in the economy, since related data started to be compiled.
Exports have been playing a key role in South Korea's economic growth over the past decades as the government focused on trade to bring its economy back on track after the devastating 1950-53 Korean War.
But the latest figures add to concerns that South Korea, Asia's fourth-largest economy, relies too much on exports for growth, leaving itself exposed to external shocks that could affect global trade conditions.
Many experts and policymakers shared such jitters, especially in the wake of the global financial crisis in late 2008.
They argue that the government needs to bolster the nation's domestic demand including private consumption to cushion the economy against any future external shocks.
