| # October 20, 2004
# Korea Times
# By Seo Jee-yeon
Exports are expected to exceed $200 billion around Oct. 23-24, opening the era of $200 billion exports a year in nine years after the nation’s outbound shipments surpassed $100 billion in 1999 for the first time in its history.
According to the Ministry of Commerce, Energy and Industry (MOCIE) Wednesday, exports have grown by 21 percent per year on average since the nation started exports in 1964 up until 2003.
``It is the fastest growth among the world’s top 20 exporting nations,’’ an official from the Korea International Trade Association (KITA) said.
For instance, between 1964 and 2003, exports in Taiwan have increased by 16 percent and in China by 14 percent on average per year.
Made-in-Korea products captured 2.6 percent of the global market last year, up from 0.07 percent in 1964.
South Korea was the 12th largest exporting country last year, registering $193.8 billion, up from 83rd in 1964.
The number of export items surged to 96,973, up from 708 in 1965, 2,264 in 1977 when exports exceeded $10 billion for the first time, and 65,763 in 1995. The number of trading firms has also rapidly increased, reaching 96,973, the KITA said.
Key exports items have changed in accordance with the nation’s development stage. In the 1960s and 1970s when the nation started and drove up development, a majority of exports came from labor-intensive light industries like textiles and shoes.
The heavy and chemical goods were dominant in exports in the 1980s when the government sought to cultivate heavy and chemical industries. Starting from the 1990s, key export items included technology-based quality goods like semiconductors, cars and mobile phones.
For the first nine months of this year, exports of semiconductor goods topped $19.59 billion, followed by cell phones ($18.99 billion) and cars ($18.28 billion).
During the period, China remained the nation’s biggest export market, importing $36.285 billion. The U.S. was the nation’s second biggest export market, purchasing $31.25 billion, followed by Japan at third with $15.77 billion.
``Exports have become a key contributor to Korea’s economic growth, with the export dependency on the gross domestic product (GDP) rising up to 34.1 percent in 2002 from 3.8 percent in 1964,’’ KITA officials said.
Despite the importance of exports to the nation’s economy, there are many tasks ahead to continue to make exports grow.
``Top agendas related to exports include worsening trade deficit with Japan and lack of next generation export items and the deepening dependency on the top five export items,’’ he said.
Trade deficits with Japan exceeded $15 billion for the first eight months of the year, up 32.1 percent from the same period last year. If the trend continues, it is expected to see a record high of trade deficits with Japan this year.
New growth engines in such industries as biotechnology and nano technology have to be cultivated to maintain an upward trend in export growth.
According to the MOCIE, Korea has 77 items standing at the top in the global market, but it is not enough for the world’s 12th biggest export country.
jyseo@koreatimes.co.kr
|
Blank
