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S. Korea's exports to ASEAN set new record high in 2018

All Headlines 10:35 November 06, 2018

SEOUL, Nov. 6 (Yonhap) -- South Korea's exports to the Association of Southeast Asian Nations (ASEAN) rose to the highest level in the first 10 months of the year, government data showed Tuesday.

Shipments to the 10 ASEAN members reached $82.32 billion in the January-October period, up 4.7 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.

The bilateral trade with the regional economic bloc stood at $132.1 billion over the period, which is likely to surpass $150 billion this year, the ministry said.

The ASEAN member countries are Vietnam, Indonesia, the Philippines, Brunei, Cambodia, Laos, Malaysia, Myanmar, Singapore and Thailand, with their combined population estimated at 640 million.

South Korea's exports to the fast-rising economic bloc have risen from 10.4 percent in 2007 to 16.6 percent in 2017, on the back of brisk sales of semiconductors, displays and consumer goods.

Seoul has sought stronger economic relations with ASEAN under President Moon Jae-in's "New Southern Policy" to reduce its heavy reliance on trade with the United States and China, and foster new growth drivers. It set a goal of raising the bilateral trade to over $200 billion by 2020.

Kim Seung-woog, chief economic cooperation official at the Korea Trade-Investment Promotion Agency (KOTRA), speaks at the infrastructure cooperation forum between South Korea and the Association of Southeast Asian Nations (ASEAN) in Manila on Oct. 30, 2018, in this photo released by KOTRA the next day. (Yonhap)


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