Trade Surplus Projected to Top $10 Bil.Next Year

Korea Times (Seoul, Korea), December 1, 2000 | Go to article overview

Trade Surplus Projected to Top $10 Bil.Next Year


Korea will be able to register about $10 billion in trade surplus next year, down from this year's estimate of $13 billion to $14 billion.

Kim Jae-chol, chairman of the Korea International Trade Association (KITA), made the projection in a meeting with reporters yesterday on the occasion of the 37th Trade Day.

``The trade surplus for the year is expected to surpass the original target of $12 billion, boosted by the booming sales of information and technology products like semiconductors, computers and cellular phones,'' he said.

He foresaw that the nation would face an aggravated trade climate next year, due to the economic slowdown in major developed markets like the United States, Japan and the European Union.

Less developed nations in Southeast Asia and Latin America are forecast to see economic rebounds, but there are many factors dimming trade prospects, according to Kim.

He went on to point out that the steady depreciation of the currencies of rival trading nations, like Japan, EU and Southeast Asia, is likely to weaken the export competitiveness of domestic products.

Concerning the reason of the projection for the dwindling surplus next year, he cited the steady decline in prices of semiconductors and the saturated markets for sales of major items like computers and mobile phones.

In order to narrow the widening trade deficit with Japan, he stressed the need to decrease the reliance on Japan by raising competitiveness in the areas of material and component industries.

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Trade Surplus Projected to Top $10 Bil.Next Year
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