The trade volume of Korea will likely exceed the $1-trillion mark for the second straight year in 2012 despite tough economic conditions at home and abroad, government data showed Wednesday.
According to data from the Ministry of Knowledge Economy, South Korea's cumulative exports came to $503.2 billion in the first 11 months of the year, while its imports stood at $476.4 billion during the same period.
If this trend continues by the end of the year, trade volume will easily top the $1-trillion mark, it added.
This achievement would come against tough economic conditions and a reduced demand that hampered many South Korean exporters. If the forecast is correct, Korea will become the world's eighth-largest country in terms of trade volume.
Korea ranked 13th in terms of trade from 2000 to 2002 but saw its standing improve over the past decade. In 2010 and 2011, its trade volume was the world's ninth-largest.
Last year, South Korea saw its trade volume exceed $1 trillion on Dec. 5, but the ministry said that it will take a few more days this year to reach the same mark.
In the face of a slowing global economy, exports, in particular, weakened in the past few months, casting a shadow over trade perspectives. In recent months, however, they have shown signs of rebounding.
Overseas shipments grew 1.1 percent in October from a year earlier, snapping three straight months of on-year contraction. Last month, the country's exports expanded 3.9 percent to $47.8 billion, which was the largest reading reported this year.
Until September, Korea's cumulative trade volume reached $797.9 billion, surpassing Italy to become the world's eighth-largest trader for the first time. Observers expect that its ranking would not likely change until the end of this year. (Yonhap)
According to data from the Ministry of Knowledge Economy, South Korea's cumulative exports came to $503.2 billion in the first 11 months of the year, while its imports stood at $476.4 billion during the same period.
If this trend continues by the end of the year, trade volume will easily top the $1-trillion mark, it added.
This achievement would come against tough economic conditions and a reduced demand that hampered many South Korean exporters. If the forecast is correct, Korea will become the world's eighth-largest country in terms of trade volume.
Korea ranked 13th in terms of trade from 2000 to 2002 but saw its standing improve over the past decade. In 2010 and 2011, its trade volume was the world's ninth-largest.
Last year, South Korea saw its trade volume exceed $1 trillion on Dec. 5, but the ministry said that it will take a few more days this year to reach the same mark.
In the face of a slowing global economy, exports, in particular, weakened in the past few months, casting a shadow over trade perspectives. In recent months, however, they have shown signs of rebounding.
Overseas shipments grew 1.1 percent in October from a year earlier, snapping three straight months of on-year contraction. Last month, the country's exports expanded 3.9 percent to $47.8 billion, which was the largest reading reported this year.
Until September, Korea's cumulative trade volume reached $797.9 billion, surpassing Italy to become the world's eighth-largest trader for the first time. Observers expect that its ranking would not likely change until the end of this year. (Yonhap)
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