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The government has set an export target of US $500 billion for 2009, one year ahead of schedule. It also vowed to turn Korea¡¯s trade balance, which is expected to post a deficit of more than $9 billion this year, into surplus in 2009. Following efforts to boost domestic consumption with pump-priming measures, the government is seeking a way out of the economic crisis by boosting exports. At a meeting with trade promotion officials on Tuesday, President Lee Myung-bak said exporters were the ¡°life blood¡± of Korea and promised to ease regulation and mobilize all resources so that the country¡¯s exports keep their momentum.
After breaking the $100 million level in 1964, Korea¡¯s economic growth has been led by exports. In 1977, they broke the $10 billion mark powered by a growth in the heavy chemical industry. In the 1980s, private businesses began accounting for a majority of the economy, and that resulted in $60.7 billion worth of outbound shipments in 1988. In 1995, exports surpassed the $100 billion level by reaching $125.1 billion, opening the global era of Korean exports.
Achieving $500 billion in exports can create an opportunity for Korea¡¯s economy to revive itself, while giving strength and vitality to the public, which had been burdened by economic uncertainties both at home and abroad. It can also change investor jitters over the Korean economy, while having the symbolic effect of paving the way for the long-term $1 trillion target.
But it is a tall order. The estimated export amount this year is $447 billion. Exports must rise more than 12 percent next year to achieve that goal. As the flames of the financial crisis spread over to real economies around the world triggering economic slowdowns, it will not be easy for exports to continue their double-digit growth. Export growth already fell below 10 percent in October. That¡¯s less than half the 22.7 percent export growth posted during the first nine months of this year. Most private economic think tanks forecast exports will grow just 8 percent next year to total $480 billion.
But the tougher the goal, the greater the sense of accomplishment and confidence if one achieves it. Businesses, workers, the government and the public must all join hands to build bridges leading to that goal.
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