South Korea has finally become the ninth country with annual exports and imports exceeding US$1 trillion as of December 5th, last year, despite the ongoing global economic recession, significantly shortening the period for accomplishing the record compared with former achievers such as the United States.
Becoming a US$1 trillion trading nation from a US$1 billion nation within a comparatively short time amid tough competition in the international market is indeed commendable.
In the course of building fundamental strength enabling this unprecedented record in the local trade history, South Korea has successfully changed from a primarily industry-centered nation into one specializing in high-value added industries, while also successfully overcoming the aftermath of the IMF bail-out program in 1997 and thus setting up a solid economic foundation ensuring later surprising economic performance at the same time.
Propelled by such giant FTAs as the Korea-U.S. FTA and Korea-EU FTA, South Korea’s trade volume is expected to grow significantly helping the small-sized territory but trade powerhouse become the 5th largest trade powerhouse by 2020 recording US$2 trillion.
It intends to achieve this, despite the overall low growth of the global economy caused by the anticipated deteriorating global economic environment including a long-lasting global recession.
Some local flagship industrial areas such as Semiconductors, Petroleum Products, Steel Manufactures, Ships & Offshore Platforms, Flat-Panel Displays & Sensors, Wireless Telecom Equipments, Automobiles, Automotive Parts, Construction Plants, and Network Equipment are barely maintaining their lead in respective global markets in terms of market share, technology level, local-oriented index, etc. despite the deteriorating global export environments including the variables of the Eurozone
and North Korea.
Highly evaluating the unprecedented export performance once again and further expecting greater export centered trade growth, this month’s Korea Buyers Guide covers some local companies that won honorable Export Tower awards on Dec. 12, 2011 by KITA (Korea International Trade Association) for their contribution to the nation’s outstanding growth in export in 2011, mainly focusing on the small and medium-sized enterprises armed with global-leading advanced technologies.
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