Iraqi Incident Will Not Bother Korean Economy

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Iraqi Incident Will Not Bother Korean Economy

The United States bombing of Iraq will not seriously affect Korea's economic export situation, the Korea Trade and Investment Promotion Agency(KOTRA) predicted on December 17.
The United States asked Korea, directly after the air attack, to issue a public statement supporting the U.S.' action on December 17. The government issued a statement fully condoning the bombing.
Korea's exports to Iraq reached 1.1 million dollars from January to November while oil imports marked 40 million dollars.
However, Korea's exports to Arab countries traditionally have gone through Jordan, which acts as a kind of transfer station, so there is a lot more actual volume going to Iraq.
In terms of automobiles, Hyundai sends its Excel model to the United Arab Emirate(UAE) and quite a few of the cars end up going to Iraq.
Korea's export drive into Mideast areas will be affected if the tension between the U.S. and Iraq continues much longer.
Petroleum imports will not be a problem for Korea, though, provided Korea secures other routes for Middle East oil.
Hyundai and Daewoo have further postponed opening their offices in Baghdad due to the current incident.
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