South Korea’s trade volume will likely cross the $1 trillion threshold this year on the back of brisk recovery, a report showed on Sunday.
According to the study by the Korea International Trade Association, the country will log $561 billion in exports and $530.5 billion in imports by the end of the year. The trade surplus would amount to $30.5 billion, the association said.
This would make Korea as the ninth country to join the club of $1 trillion traders, following the U.S., Germany, China, Japan, France, the Netherlands, Italy and the U.K.
“The country will open an era of $1 trillion trade for the first time in history this year as both exports and imports continue to rise, despite lingering uncertainties such as the European debt crisis surrounding Greece, faltering U.S. recovery and volatile commodity prices,” KITA said in a statement.
In the first five months of the year, the country’s exports and imports shot up more than 26 percent year-on-year to $227.2 billion and $213.1 billion, respectively.
The trade association attributed the upturn to surging demand for the main export products of ships, chips, cars and petrochemicals amid a rebound in the world economy and trade activities with Japan.
Exports of petroleum products including gasoline and diesel in the first half of the year are estimated at $24.7 billion, up more than 73 percent from the same period last year, as some Japanese refiners halted their operations in the face of the earthquakes.
By Shin Hyon-hee (firstname.lastname@example.org