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South Korea became the world’s eighth-largest trade giant in the global market last year, a one-notch rise from the year before, based on trade volume as of November, last year while becoming a country that records US$1trillion in trade volume for the second consecutive year.
Export of petroleum products, cars, car parts, and general machinery to foreign markets led the nation’s amazing performance. Such areas of conspicuous contribution to the nation’s export growth are greatly backed by the nation’s FTAs with global partners including KORUS FTA and offset the export loss in the section of ships and wireless communication devices, which triggered by the aftermath of the financial crisis in Europe.
“It is very important for Korea to seek diversification of its key export markets and to develop more high-valueadded export items,” said a government official in anticipation of 2013. As part of efforts to keep the nation’s export volume afloat, South Korea has already taken measures to revamp the structure of its key industries. The efforts led by the government to develop new growth engines, including bio-health, software and biotechnology-based industries, while supporting the advancement of the nation’s flagship infrastructure industries like steel and shipbuilding and plant building sectors.
According to data released by an official source, strengthening competitiveness of small and medium-sized exporters is also included. Export growth driven by SMEs rose 3.2 percent between January and September last year from the same period the year before, while export growth driven by big companies hit minus 2.4 percent in the same period.
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