ID :
198856
Wed, 08/03/2011 - 08:39
Auther :
Shortlink :
https://oananews.org//node/198856
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Exports help economic growth, job creation in 2010
SEOUL, Aug. 3 (Yonhap) -- South Korea's exports contributed more to economic growth than domestic demand and had a positive impact on the creation of jobs in Asia's fourth-largest economy in 2010, a think tank said Wednesday.
The economic growth contribution rate of exports reached 62.2 percent last year, much higher than domestic consumption's 37.8 percent, according to the Institute for International Trade (IIT).
Without outbound shipments, South Korea's economy would have grown in the lower 2 percent range instead of the 6.2 percent growth reached in 2010. The country exported a record US$466.4 billion worth of goods last year.
IIT also said that the number of jobs created with the help of exports surged 27.3 percent on-year to 4.01 million last year, or 16.8 percent of all jobs created.
"Roughly 80 percent of all jobs in the manufacturing sector were related to exports, with the figure for small and medium enterprises reaching 70 percent," the report said.
The institute, meanwhile, said that the amount of raw materials and components used to make export products reached $209.8 billion last year, which translates into the so-called import inducing rate of 45 percent, compared with 48.2 percent in 2008.
A drop in the number means South Korean companies used fewer materials purchased abroad to manufacture export products.
"A rise in the export of information technology products, and greater self-sufficiency in components have all contributed to lowering the import-inducing rate of exports," the think tank said.
The economic growth contribution rate of exports reached 62.2 percent last year, much higher than domestic consumption's 37.8 percent, according to the Institute for International Trade (IIT).
Without outbound shipments, South Korea's economy would have grown in the lower 2 percent range instead of the 6.2 percent growth reached in 2010. The country exported a record US$466.4 billion worth of goods last year.
IIT also said that the number of jobs created with the help of exports surged 27.3 percent on-year to 4.01 million last year, or 16.8 percent of all jobs created.
"Roughly 80 percent of all jobs in the manufacturing sector were related to exports, with the figure for small and medium enterprises reaching 70 percent," the report said.
The institute, meanwhile, said that the amount of raw materials and components used to make export products reached $209.8 billion last year, which translates into the so-called import inducing rate of 45 percent, compared with 48.2 percent in 2008.
A drop in the number means South Korean companies used fewer materials purchased abroad to manufacture export products.
"A rise in the export of information technology products, and greater self-sufficiency in components have all contributed to lowering the import-inducing rate of exports," the think tank said.
