December 26, 2017 12:41
Korea's exports are expected to surpass the US$600 billion mark for the first time next year.
The Korea Trade-Investment Promotion Agency said in a report Monday that Korea's exports are expected to rise 4.8 percent in 2018 to $606.4 billion. Earlier, the Korea International Trade Association projected exports at $602 billion next year.
Shipments grew for the first time in three years this year to $578.6 billion, up a whopping 16.8 percent.
KOTRA said a recovery in manufacturing and the IT market, eased relations with China and rising global oil prices should lead to improved prices of Korea's key exports. But it warned that the North Korean nuclear and missile threats could pose obstacles.
Exports are expected to rise both to advanced and emerging economies. Although there are concerns over strengthened trade barriers in the U.S., Korea's exports to the country are expected to rise 1.9 percent from 2016 thanks to growing demand for IT and other high-tech products.
China's economy is expected to post stable growth next year, leading to increased consumption. Together with the easing of a boycott of Korean goods, that is expected to result in exports to the country growing eight percent.
Exports to Europe are projected to rise 1.5 percent, to Japan 4.5 percent, to ASEAN 10.6 percent, to India 8.8 percent, to Latin America 3.8 percent and to the Commonwealth of Independent States 10.4 percent.
KITA polled 514 companies that exported more than $500,000 worth of goods and found that 91.4 percent expect shipments to grow next year.
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