By Kim Yon-se
Staff Reporter


South Korea’s trade volume for this year is certain to surpass the $500 billion mark for the first time in history.

The Ministry of Commerce, Industry and Energy (MOCIE) projects the nation’s trade volume to double and reach $1 trillion within 10 years.

In a congratulatory message on the 42nd Trade Day, which is Wednesday, the country’s trade volume is about to pass $500 billion in a matter of days and is expected to end the year with Korea becoming the world’s 11th largest trading nation at $545 billion, $285 billion in exports and $260 billion in imports.

It took only 17 years for South Korea to post $500 billion in export-import volume, since it exceeded the $100 billion mark in 1988. The nation’s annual trade volume was $200 billion in 1995, $300 billion in 2000 and $400 billion in 2004.

The $500 billion is equivalent to the combined trade volume of 38 Latin American countries, excluding Mexico, which recorded $513.6 billion in 2004. The figure also surpasses the combined trade of 53 African nations, which stood at $443.5 billion in 2004.

The nation ranked 12th in trade volume last year, accounting for 2.6 percent of the world’s export-import volume and is expected to soon become one of the world’s top 10 traders.

Ministry officials say it won’t take long for Korea to overtake Hong Kong, currently the 11th largest trading nation, 10th Belgium and ninth Canada. The individual trade volume of the three countries ranges from $500 billion to $600 billion.

They say the nation’s trade volume will reach $1 trillion in 10 years while only four nations _ the U.S., Germany, Japan and China _ have seen their trade volume break the $1-trillion mark.

The rosy picture has come about as the nation continued to post brisk exports, despite a prolonged slump in domestic consumption and the Korean won’s appreciation against major currencies.

The nation’s major export products include automobiles, semiconductors, computers and wireless communication devices, while major import products are mostly intermediate goods for industrial and agricultural products.

kys@koreatimes.co.kr