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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Korea’s trade dependence at 10-year low

  • PUBLISHED :April 04, 2017 - 16:43
  • UPDATED :April 04, 2017 - 16:43
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[THE INVESTOR] South Korea’s reliance on trade fell to an all-time low in a decade last year, data showed on April 4.

The proportion of South Korea’s trade to its gross national income, stood at 80.8 percent at the end of last year, down 5.9 percentage points from 2015, according to data compiled by the Bank of Korea.

The ratio jumped to 104.5 percent in 2008 in the wake of the global financial crisis and surged to 113.5 percent in 2011 before falling to 98.6 percent in 2014 and 86.7 percent in the following year. The latest decline is attributed to a fall in global oil prices. South Korea imports crude oil that is refined in the country and exported as petrochemical products.

Separate data compiled by the Organization for Economic Cooperation and Development, a group of 35 mostly rich nations, showed that South Korea’s reliance on trade is much higher than that of the US and other advanced countries.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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