Korean exports to Mexico soar in 50 years: report

Korea's exports to Mexico have skyrocketed since the establishment of bilateral diplomatic ties, thanks to a strong economic relationship, a report showed Wednesday.

According to the report by the Korea International Trade Association (KITA), South Korea's shipments to Mexico came to $9.1 billion in the first 11 months of 2011, compared with a mere $55,000 in 1967.

South Korea and Mexico set up diplomatic relations in 1962, while Seoul began tracking bilateral trade five years later.

South Korea's imports from Mexico surged to $2.2 billion from $780,000 over the same period, giving Korea a trade surplus of $6.9 billion, according to the KITA report.

Trade volume between the two nations reached $11.3 billion last year, making Mexico Korea's 10th biggest trade partner.

The report also showed that South Korean companies' direct investment in Mexico soared to $64 million in 2010 from $100,000 in 1980.

Construction and industrial plant orders won by South Korean builders were worth $3.86 billion during the 1965-2010 period, taking up 42 percent of their overall deals won in the Central and South American region, said the report. (Yonhap)