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In light of soaring energy and materials prices the trade landscape of export-driven Korea has been showing signs of change. Korean products are seeing a steep growth in sales in the Middle East and Latin America, surpassing export growth to the United States.
In the U.S. imports are at a standstill as the country faces an economic slowdown due to the ravaging of the housing market. But resource-rich nations like those in the Middle East and Latin America are benefiting from the rising demand for resources.
According to the Bank of Korea's report on export figures from January to April this year, those two regions have chalked up a combined US$18 billion, with the Middle East jumping almost 40 percent to $8 billion from last year and Latin America a 20 percent rise to $10 billion.
Meanwhile, the U.S. stood at less than a one percent gain to $15 billion. Additionally, Korean exports to 26 oil-rich nations as a group rose 60 percent from January to February compared to last year.
By goods, exports of ships and construction equipment were each up by well over 20 percent while automobiles, usually sold to developed regions like the U.S. and Europe, posted a mere 3 percent.
Even before the recent rise in prices many large Korean companies had already begun focusing on countries in the regions of export growth. Deeper levels of trade in these regions could have implications for Korea's international priorities.
Arirang News
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