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Korea’s trade volume was worth more than USD 1.75 trillion in 2013, exceeding the USD 1 trillion mark for the third consecutive year.
The Ministry of Trade, Industry and Energy (MOTIE) reported on January 2 that Korea recorded exports worth some USD 559.7 billion in 2013, a 2.2 percent rise over the previous year’s figures. It also recorded imports worth USD 515.5 billion, a 0.8 percent decrease from 2012’s numbers. Thus, Korea’s total volume of trade surpassed USD 1 trillion, with a trade surplus of USD 44.2 billion.
Prior to 2013, Korea recorded its highest exports in 2011, worth some USD 555.2 billion, and its highest trade surplus in 2010, of some USD 41.1 billion.
By sector, semiconductors took the largest proportion of exports, followed by petroleum products and then automobiles. Exports of wireless communication devices, home appliances and IT products continued to increase along with the improved exports in shipbuilding. As export items have varied, the proportion of leading export items, such as mobile phones and cars, was slightly down to 78.8 percent in 2013 from 79.7 percent in 2012. Those two products accounted for 81.1 percent of exports in 2011 and 81.4 percent in 2010. By region, Korea’s exports to China accounted for the largest proportion of total exports, at 26.1 percent of the total. That’s 1.6 percent higher than the amount of exports China accounted for in 2012. The United States and ASEAN were the second and third largest markets for Korean exports.
The MOTIE expected that Korea would record USD 595.5 billion in exports in 2014, which would be 6.4 percent higher than 2013. The ministry predicts that the country will consume USD 562 billion worth of imports in 2014, nine percent higher than 2013’s figures, backed by improved consumer sentiment. These figures would lead to a USD 33.5 billion trade surplus this year, a decrease of USD 10 billion over 2013’s figures.
The ministry further predicted that Europe and the United States will continue with their economic recovery while China will show stable growth in 2014. It also forecasted that Korea will further improve its competitiveness in its leading export items, and that this would help increase exports. The ministry foresaw Korea’s exports in shipbuilding, mobile phones and automobiles showing more than four percent growth this year. However, it mentioned that Q.E. tapering in the U.S., slowing growth in emerging economies and strengthening protectionism will all be uncertainties for the future.
By Yoon Sojung
Korea.net Staff Writer
arete@korea.kr
The Ministry of Trade, Industry and Energy (MOTIE) reported on January 2 that Korea recorded exports worth some USD 559.7 billion in 2013, a 2.2 percent rise over the previous year’s figures. It also recorded imports worth USD 515.5 billion, a 0.8 percent decrease from 2012’s numbers. Thus, Korea’s total volume of trade surpassed USD 1 trillion, with a trade surplus of USD 44.2 billion.
Prior to 2013, Korea recorded its highest exports in 2011, worth some USD 555.2 billion, and its highest trade surplus in 2010, of some USD 41.1 billion.
This graph shows the growth rate of Korea’s exports and imports throughout 2012 and 2013. The blue line is exports and the red one shows imports. (Image courtesy of the MOTIE)
The above graph shows Korea’s monthly trade balance in 2012 and 2013. The blue line shows its trade balance in 2012 while the red one depicts trade balance in 2013. (Image courtesy of the MOTIE)
Korea recorded USD 559.7 billion in exports and USD 515.5 billion in imports in 2013 resulting in a record-high trade surplus USD 44.2 billion.
By sector, semiconductors took the largest proportion of exports, followed by petroleum products and then automobiles. Exports of wireless communication devices, home appliances and IT products continued to increase along with the improved exports in shipbuilding. As export items have varied, the proportion of leading export items, such as mobile phones and cars, was slightly down to 78.8 percent in 2013 from 79.7 percent in 2012. Those two products accounted for 81.1 percent of exports in 2011 and 81.4 percent in 2010. By region, Korea’s exports to China accounted for the largest proportion of total exports, at 26.1 percent of the total. That’s 1.6 percent higher than the amount of exports China accounted for in 2012. The United States and ASEAN were the second and third largest markets for Korean exports.
The MOTIE expected that Korea would record USD 595.5 billion in exports in 2014, which would be 6.4 percent higher than 2013. The ministry predicts that the country will consume USD 562 billion worth of imports in 2014, nine percent higher than 2013’s figures, backed by improved consumer sentiment. These figures would lead to a USD 33.5 billion trade surplus this year, a decrease of USD 10 billion over 2013’s figures.
The ministry further predicted that Europe and the United States will continue with their economic recovery while China will show stable growth in 2014. It also forecasted that Korea will further improve its competitiveness in its leading export items, and that this would help increase exports. The ministry foresaw Korea’s exports in shipbuilding, mobile phones and automobiles showing more than four percent growth this year. However, it mentioned that Q.E. tapering in the U.S., slowing growth in emerging economies and strengthening protectionism will all be uncertainties for the future.
By Yoon Sojung
Korea.net Staff Writer
arete@korea.kr
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