April 20, 2024
Economy
Korea’s trade to fall below US$1tr: BOK
[THE INVESTOR] South Korea’s trade will recover this year, but unlikely regain the annual volume of US$1 trillion, the Bank of Korea projected on Jan. 23.
The central bank projects that the country’s exports will rise 4.3 percent to US$517 billion, and imports by 8 percent to US$438 billion, recording an overall on-year increase of 6 percent to come in at US$955 billion.
In addition to the BOK, a number of concerned organizations including the Korea International Trade Association, and the Ministry Trade, Industry and Energy have also projected that the country will fall short of the US$1-trillion mark this year.
The BOK also projected a trade growth of 2.9 percent for next year, keeping the country off the US$1 trillion mark for four consecutive years. For 2018, the BOK projects exports to grow at 2.5 percent and imports at 3.4 percent from this year, bringing the total to US$983 billion.
The country’s trade volume broke the US$1-trillion mark for the first time in 2011, and remained above the mark until 2014.
By Choi He-suk (cheesuk@heraldcorp.com)
The central bank projects that the country’s exports will rise 4.3 percent to US$517 billion, and imports by 8 percent to US$438 billion, recording an overall on-year increase of 6 percent to come in at US$955 billion.
In addition to the BOK, a number of concerned organizations including the Korea International Trade Association, and the Ministry Trade, Industry and Energy have also projected that the country will fall short of the US$1-trillion mark this year.
The BOK also projected a trade growth of 2.9 percent for next year, keeping the country off the US$1 trillion mark for four consecutive years. For 2018, the BOK projects exports to grow at 2.5 percent and imports at 3.4 percent from this year, bringing the total to US$983 billion.
The country’s trade volume broke the US$1-trillion mark for the first time in 2011, and remained above the mark until 2014.
By Choi He-suk (cheesuk@heraldcorp.com)
