December 04, 2020 08:36
Korea could overtake Japan to become the fifth-largest exporter in the world in about seven years, a new study suggests.
Korea last year ranked seventh in terms of export value, following the U.S., Germany, China, the Netherlands, France and Japan, according to the study by the Federation of Korean Industries.
Korea's export value was about US$540 billion, accounting for about 3 percent of the global market. The KFI projected that if the country's exports keep growing as they did on average from 2011 to 2019, at a rate of 1.68 percent, then Korea will pass Japan in the latter part of this decade.
Korea's share of global exports is about seven-tenths of a percentage point smaller than Japan's.
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