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Korea¡¯s exports are expected to grow more than 10 percent to US$490 billion next year despite the global economic slowdown, it was reported on Sunday.
According to the ¡°2009 Exports Forecast¡± based on a survey on 655 overseas buyers and merchants by the Korea Trade-Investment Promotion Agency (KOTRA), the nation's exports are forecast to reach US$490.6 billion next year, compared with this year's estimated $444.6 billion.
KOTRA¡¯s forecast is optimistic compared with previous growth forecasts by the Korea Development Institute (3.2 percent), Samsung Economic Research Institute (8.3 percent) and LG Economic Research Institute (8.9 percent). But even if KOTRA¡¯s forecast turns out to be correct, Korea¡¯s exports growth for next year will be halved compared with this year¡¯s estimated 20 percent.
The agency said exports to the U.S. are likely to decline 2.6 percent next year after falling demand for autos and semiconductors. Exports to China, which this year surpassed the $100-billion mark for the first time, will gain 16.5 percent next year, but that is still lower than the annual average of 28 percent since 2002, the agency said.
The report also observed that Asia and the Middle East will become major markets for Korean exporters. Exports to India are forecast to increase 15 percent, mainly in auto parts and steel, thanks to the Comprehensive Economic Partnership Agreement between Korea and India. Exports to the Middle East and Africa are expected to post 14.6 percent growth on increased demand for large plant and construction projects.
By item, exports of autos, semiconductors and electronic home appliances will decrease, while exports of mobile communications devices and flat-screen displays will remain at similar levels, the agency analyzed. But, exports for machinery, steel and auto parts are expected to post strong growth.
(englishnews@chosun.com )
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