ID :
191126
Sun, 06/26/2011 - 05:57
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Shortlink :
https://oananews.org//node/191126
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S. Korea on course to reach US$1 tln in trade this year
South Korea's trade volume will comfortably reach over US$1 trillion for the first time in its history this year with its annual trade surplus expected to top $30 billion, a local trade group said Sunday.
In the first five months of the year, the country's exports jumped 26.7 percent from the same period last year to $227.2 billion with imports also rising 26.4 percent on-year to $213.1 billion, according to the Korea International Trade Association (KITA).
KITA said exports in June will likely reach $50 billion to put the half-year total at $272.2 billion with imports coming to $47 billion to put the six-month total at $260.1 billion.
"The country will be able to open an era of $1 trillion in trade for the first time in its history this year as both our exports and imports will continue to increase stably throughout the year despite growing uncertainties in the global trade market," KITA said in a press release.
Exports in the second half of the year are expected to grow 15.8 percent from the same period last year to $283.8 billion with imports surging 22.1 percent to $270.4 billion, it said.
For the entire year, exports are forecast to reach $561 billion, up 20.3 percent from 2010, and imports $530.5 billion, up 24.8 percent from last year, for a trade surplus of $30.5 billion.
KITA has long been confident the country will become the world's ninth economy to top $1 trillion in trade this year after the country's trade volume reached a record $823 billion last year.
The March 11 earthquake and tsunami in Japan, one of South Korea's largest trading partners, were earlier feared to have created unexpected, devastating obstacles for the country's goal, but they were found to have, in fact, pushed up South Korea's exports in many industrial sectors.
According to KITA, the country's exports of petroleum products, including gasoline and diesel, in the first half of the year are expected to have jumped 73.6 percent from the same period last year to $24.7 billion as the Japanese quake halted the operations of many refineries in Japan.
In the first five months of the year, the country's exports jumped 26.7 percent from the same period last year to $227.2 billion with imports also rising 26.4 percent on-year to $213.1 billion, according to the Korea International Trade Association (KITA).
KITA said exports in June will likely reach $50 billion to put the half-year total at $272.2 billion with imports coming to $47 billion to put the six-month total at $260.1 billion.
"The country will be able to open an era of $1 trillion in trade for the first time in its history this year as both our exports and imports will continue to increase stably throughout the year despite growing uncertainties in the global trade market," KITA said in a press release.
Exports in the second half of the year are expected to grow 15.8 percent from the same period last year to $283.8 billion with imports surging 22.1 percent to $270.4 billion, it said.
For the entire year, exports are forecast to reach $561 billion, up 20.3 percent from 2010, and imports $530.5 billion, up 24.8 percent from last year, for a trade surplus of $30.5 billion.
KITA has long been confident the country will become the world's ninth economy to top $1 trillion in trade this year after the country's trade volume reached a record $823 billion last year.
The March 11 earthquake and tsunami in Japan, one of South Korea's largest trading partners, were earlier feared to have created unexpected, devastating obstacles for the country's goal, but they were found to have, in fact, pushed up South Korea's exports in many industrial sectors.
According to KITA, the country's exports of petroleum products, including gasoline and diesel, in the first half of the year are expected to have jumped 73.6 percent from the same period last year to $24.7 billion as the Japanese quake halted the operations of many refineries in Japan.
