Korea's Trade to Rebound Next Year

      November 30, 2015 11:59

      Korea's trade is expected to rebound in 2016 to surpass US$1 trillion.

      The Korea International Trade Association projects that Korea's exports will rise 2.3 percent in 2016 to $544 billion, while imports will rise 4.8 percent to $461 billion, resulting in an $83 billion trade surplus.

      KITA predicts improved trade conditions next year as the economies of advanced countries recover, while consumer sentiment improves amid low global oil prices.

      The global economy is projected to grow 3.5 percent in 2016, compared to 3.1 percent this year, while world trade is forecast to increase around four percent.

      Korea's exports of petroleum and chemical products will rise by an estimated 7.8 percent and 2.7 percent, leading overall growth.

      The Korea Institute for Industrial Economics and Trade also forecast exports will rise around 2.1 percent next year leading to trade surpassing the $1 trillion level again.

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