Trade volume set to hit $1T for second year, just a little laterKorea’s trade volume is expected to top $1 trillion for a second consecutive year in 2012, the government said yesterday.
According to the Ministry of Knowledge Economy, Korea will see its trade volume exceed $1 trillion in the middle of next month. This would see it pass Italy to become the eighth-largest country in terms of trade volume.
Korea ranked 13th from 2000 to 2002 but jumped to ninth in 2009. Trade volume exceeded $1 trillion on Dec. 5 last year but the ministry predicts it will take a few more days this year to reach the same level.
The ministry said that despite the overall decline in global trade affected by the slowing economy, Korea fared relatively well compared to other countries in terms of exports.
From January to September, cumulative exports declined 1.6 percent from the same period a year earlier, but the ministry said there are signs of a rebound as they began growing again last month.
Outbound shipments are estimated to have risen 1.2 percent on-year last month to $47.2 billion, breaking three straight months of declines, according to central bank data.