April 19, 2024
Economy
Korea’s investments, exports to ASEAN double
[THE INVESTOR] Krea’s exports to ASEAN more than doubled over the last decade following the implementation of a free trade agreement, government data showed on May 31.
Outbound shipments to the 10 member countries reached US$74.52 billion in 2016, compared with US$32.1 billion in 2006, according to the data by the Ministry of Trade, Industry and Energy.
With the FTA deal taking effect in 2007, exports have grown an average 7.5 percent annually over the 10-year period.
Korea’s imports expanded an annual 3.3 percent to US$44.32 billion in 2016 over the past decade, with the surplus totaling US$30.2 billion last year.
As a result, the total trade between Korea and ASEAN increased 5.7 percent every year to US$118.8 billion last year over the 2006-2016 period, accounting for 13.2 percent of the country‘s entire outbound shipments of US$901.6 billion.
Investment by Korean companies to ASEAN amounted to US$6.4 billion in 2016, up from US$3.7 billion tallied in 2006, while US$2.5 billion worth of ASEAN-originated investment came to Korea last year, surging from US$703 million 10 years earlier.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Outbound shipments to the 10 member countries reached US$74.52 billion in 2016, compared with US$32.1 billion in 2006, according to the data by the Ministry of Trade, Industry and Energy.
With the FTA deal taking effect in 2007, exports have grown an average 7.5 percent annually over the 10-year period.
Korea’s imports expanded an annual 3.3 percent to US$44.32 billion in 2016 over the past decade, with the surplus totaling US$30.2 billion last year.
As a result, the total trade between Korea and ASEAN increased 5.7 percent every year to US$118.8 billion last year over the 2006-2016 period, accounting for 13.2 percent of the country‘s entire outbound shipments of US$901.6 billion.
Investment by Korean companies to ASEAN amounted to US$6.4 billion in 2016, up from US$3.7 billion tallied in 2006, while US$2.5 billion worth of ASEAN-originated investment came to Korea last year, surging from US$703 million 10 years earlier.
By Alex Lee and newswires (alexlee@heraldcorp.com)
