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S. Korean trade to top US$1 tln this year, buoyed by strong exports

All News 11:00 June 25, 2017

SEOUL, June 25 (Yonhap) -- South Korea's overall trade volume is projected to exceed US$1 trillion this year buoyed by a rise in exports of computer chips and refinery products, a local trade agency said Sunday.

This year, the country's trade, which combines exports and imports, should hit $1.005 trillion, up 11.5 percent from $901.6 billion a year earlier, the Korea International Trade Association (KITA) said in a statement.

In the first half, higher demand for semiconductor and refined petroleum products pushed up shipments amid worldwide economic recovery and higher oil prices, it said.

In the second half, increased demand from advanced and emerging markets for those high-end products will continue to underpin exports but the pace of growth is likely to slow down due to sluggish gains in oil prices and increased overseas production, KITA said.

The latest report advised local exporters to diversify markets to minimize the impact from possible uncertainties in China and the United States. It also said component makers need to develop high-end products for long-term survival.

In 2017, exports are forecast to rise 9.4 percent year-over-year to $542 billion, while imports are expected to jump 14 percent to $463 billion during the same period, KITA said.

kyongae.choi@yna.co.kr
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