Exports tipped to surpass $600B next year for first time

Korea’s exports are expected to exceed the $600 billion mark for the first time ever in 2012, thanks mainly to steady demand from developing economies, a local trade organization said yesterday.

The Korea International Trade Association (KITA) said outbound shipments may reach $600.5 billion with imports hitting $565.5 billion for a trade surplus of $35 billion in 2012 compared to a favorable balance of $33 billion estimated for 2011.

The projected export volume represents a 7.8 percent gain from the $557 billion worth of goods that the country should be able to ship out this year. Imports may also rise 7.9 percent on-year in 2012 from the $524.0 billion forecast for this year.

“Next year’s exports will be helped by solid sales gains in developing economies and a rise in demand for locally made cars, auto parts and general machinery,” KITA said.

But it added that the ongoing euro zone crisis and uncertainties facing the U.S. economy will adversely affect export growth next year.