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Korea as a world trade superpower

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  • Korea as a world trade superpower
  • Kim, Deuk-Kab
  • Samsung Eonomic Research Institute


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Title Korea as a world trade superpower
Similar Titles
Material Type Reports
Author(English)

Kim, Deuk-Kab

Publisher

[Seoul]:Samsung Eonomic Research Institute

Date 2007-02
Pages 6
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Holding SERI

Abstract

Korea's exports reached US$326 billion in 2006, making Korea the 11 th country with shipments topping $300 billion. It was the fourth consecutive year of double-digit export growth, a streak not seen since the 1980s. Between 2002 and 2006, exports rose at an annualized average of 19.3%, the second highest growth rate among the top 11 trading nations.
Considering Korea's lack of free trade agreements (FTAs) with large trade blocs such as the European Union (EU) or the North American Free Trade Agreement (NAFTA), Korea's trade prowess is even more impressive. When intra-regional trade volume between countries belonging to a trade bloc is excluded from calculations, Korea becomes the world's fifth largest exporter, following China, Japan, the US, and Germany.
Korea's imports also have grown steadily, averaging 19.4% a year between 2002 and 2006. In 2006, Korea became the world's 12 th largest importer, with its imports reaching US$309.3 billion. (The rest omitted)