2012-11-26 14:00

Korea's trade volume to top $1 tril. in 2012: ministry

The trade volume of Korea is expected to top US$1 trillion for a second consecutive year in 2012, making the country the eighth-largest trader in the world, the government said Monday.

According to the Ministry of Knowledge Economy, South Korea will see its trade volume exceed the $1 trillion in the middle of next month. If the forecast is right, Korea will surpass Italy to become the eighth-largest country in terms of trade volume.

Korea ranked 13th in terms of trade from 2000 to 2002 but the country saw its standing improve over the past decade. In 2010 and 2011, its trading volume was the world's ninth-largest.

Last year, Korea saw its trading volume exceed $1 trillion on Dec. 5 but the ministry said that it will take a few more days this year to reach the mark.

The ministry explained that despite the overall decline in global trade affected by the slowing economy, South Korea fared relatively better compared with other countries in terms of exports.

During the January-September period, Korea's cumulative exports declined 1.6 percent from the same period a year earlier but the ministry said that exports are showing signs of rebounding as they turned around to grow again last month.

The country's exports are estimated to have grown 1.2 percent on-year last month to $47.2 billion, breaking three straight months of declines, according to central bank data. (Yonhap)