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Korea's trade volume reached US$804.55 billion this year, the first time the figure has exceeded the $800 billion mark. According to the Ministry of Knowledge Economy this means Korea will most likely remain the world's 11th largest trading nation for the second year in a row, following last year's trade volume of over $700 billion. Trade volume measures both imports and exports.
Market analysts are attributing the higher-than-expected turnout to increased imports and continued growth in Korea's key export industries. The higher import numbers came largely on the back of record oil prices earlier this year. The ministry also attributed the growth in trade to increased overseas demand for Korean products in the first half of the year and is forecasting Korea's trade volume to surpass $1 trillion in 2010.
However, the ministry's projection could be wishful thinking considering that exports fell 18 percent in November from a year ago, the biggest drop since 2001.
Arirang News
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