Exports Likely to Soar to $141 Billion This Year

Korean exports will likely soar to $141.8 billion this year, primarily due to a booming semiconductor industry and Japan's strong yen.
The Ministry of Commerce, Industry and Energy said on October 25 at a meeting on trade trends that exports for this year will increase by 7.2 percent over those recorded last year. However, Korea's trade surplus will only total $23.4 billion, less than the government's goal of $25 billion, as imports will rise by 27 percent this year.
The ministry has decided to lower marine transportation fees in November, which rose by 45 percent during the first half of this year, and to hold meetings in the middle of November, with President KIm Dae-jung presiding, to review the effectiveness of the government's mandate to expand exports.
At today's meeting, representatives from trading firms suggested that the government should enlarge the deferred payment system for facilities, provide financial and other support companies will need to meet strengthened carbon dioxide emission criteria required by the OECD, support international fairs and trade shows, and adjust tariff levels on raw materials coming into the country.
Kang Joo-an : jooan@joongang.co.kr