The Korea Herald


S. Korea's trade volume tripled in 10 years: report

By 최희석

Published : Feb. 2, 2011 - 11:06

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South Korea's trade volume expanded three-fold in the last 10 years, helping the country become the seventh-largest exporter in the world, a government report showed Wednesday.

The findings by the Korea Customs Service said the country's export and import volume that stood at just $291.5 billion in 2001 moved up steadily to $545.7 billion in 2005 and hit a record $891.6 billion last year.

For 2011, Seoul is aiming to increase two-way trade to more than $1 trillion.

The increase also pushed up the country's global trade ranking from 13th place in 2001 to ninth last year.

In terms of exports, which play a vital part in driving the South Korean economy, the country's outbound shipments grew from $150.4 billion a decade ago to $284.4 billion in 2005 and $466.4 billion in 2010, the report showed.

The increase can be attributed to growing global competitiveness of locally made products such as mobile phones, semiconductors, displays, ships and automobiles that have expanded their market share in many countries around the world. (Yonhap News)