S. Korean petrochemical firms urged to boost exports

By Lee Joon-seung
SEOUL, Oct. 23 (Yonhap) -- South Korea's petrochemical sector needs to make greater efforts to fuel exports as the country struggles to reduce its mounting trade deficit, a senior policymaker said Thursday.

"If we are able to cope effectively with the current situation, South Korea and
the petrochemical industry will be in a good position to make the next leap
forward," Knowledge Economy Minister Lee Youn-ho said in a meeting with top
executives of petrochemical companies.
The industry has been a steady growth engine this year and contributed greatly to
exports in the face of a general slowdown of the global economy, he said.
South Korea's trade deficit ballooned to over US$14.2 billion in the first nine
months of this year from a surplus of $11.9 billion a year earlier.
The petrochemical sector, however, posted annual growth of 30.7 percent in
September, with monthly exports hitting $3.01 billion. From January to September,
exports moved up 24.1 percent year-on-year with total outbound shipments
surpassing $26.5 billion.
In response, the CEOs of the petrochemical companies said that they will take all
necessary steps to expand overseas market share.
They also asked the government to provide more support for developing key
technologies that are vital to enhancing competitiveness.
The minister has been meeting business leaders to pitch for more exports and to
ask them to refrain from importing unnecessary goods. Seoul is aiming to post a
trade surplus in the fourth quarter that would help stabilize the overall
economy.
yonngong@yna.co.kr
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