ID :
28416
Tue, 11/04/2008 - 20:56
Auther :
Shortlink :
https://www.oananews.org//node/28416
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S. Korea aims for exports of US$500 bln in 2009
By Lee Joon-seung
SEOUL, Nov. 4 (Yonhap) -- South Korea will redouble efforts to achieve its export
goal of US$500 billion in 2009 in a bid to overcome an expected slowdown of the
domestic economy, the government said Tuesday.
The target is up from $430 billion in outbound shipments forecast for all of this
year and represents a 34.6 percent increase from $371.5 billion in exports in
2007, according to the Ministry of Knowledge Economy.
In the first 10 months of this year, South Korean exports grew 21.3 percent
on-year to $367 billion, with the trade deficit reaching $13.4 billion.
"The government will take all necessary steps to help local businesses ship more
products abroad next year, though it may not be easy to accomplish the goal in
the face of a weak global economy," said Minister of Knowledge Economy Lee
Youn-ho at a trade-investment promotion meeting. "A healthy trade surplus is
vital to stabilizing foreign exchange rates and promoting economic growth."
To that end, the government plans to ask parliament to increase the size of funds
available to cover export insurance from 130 trillion won ($102 billion) this
year to 170 trillion won in 2009.
Insurance coverage for exports is important when shipping goods to developing
economies because of greater risks associated with payment complications.
The government will also help small and medium enterprises export more products
and give customized support to such key industries as autos, ships, general
machinery and information technology, Lee said.
The announcement of the export goal for next year comes a day after the
government unveiled a string of stimulus measures designed to bolster growth in
the face of the general downturn in the worldwide economy.
The government expects Asia's fourth-largest economy to pull off growth in the
mid-4 percent range this year but said numbers will fall to around 4 percent in
2009.
Local private think tanks, however, are more skeptical and predict growth could
drop to 3.6 percent in 2009, while some foreign investment institutions are
forecasting as low as mid-1 percent level gains.
yonngong@yna.co.kr
(END)
SEOUL, Nov. 4 (Yonhap) -- South Korea will redouble efforts to achieve its export
goal of US$500 billion in 2009 in a bid to overcome an expected slowdown of the
domestic economy, the government said Tuesday.
The target is up from $430 billion in outbound shipments forecast for all of this
year and represents a 34.6 percent increase from $371.5 billion in exports in
2007, according to the Ministry of Knowledge Economy.
In the first 10 months of this year, South Korean exports grew 21.3 percent
on-year to $367 billion, with the trade deficit reaching $13.4 billion.
"The government will take all necessary steps to help local businesses ship more
products abroad next year, though it may not be easy to accomplish the goal in
the face of a weak global economy," said Minister of Knowledge Economy Lee
Youn-ho at a trade-investment promotion meeting. "A healthy trade surplus is
vital to stabilizing foreign exchange rates and promoting economic growth."
To that end, the government plans to ask parliament to increase the size of funds
available to cover export insurance from 130 trillion won ($102 billion) this
year to 170 trillion won in 2009.
Insurance coverage for exports is important when shipping goods to developing
economies because of greater risks associated with payment complications.
The government will also help small and medium enterprises export more products
and give customized support to such key industries as autos, ships, general
machinery and information technology, Lee said.
The announcement of the export goal for next year comes a day after the
government unveiled a string of stimulus measures designed to bolster growth in
the face of the general downturn in the worldwide economy.
The government expects Asia's fourth-largest economy to pull off growth in the
mid-4 percent range this year but said numbers will fall to around 4 percent in
2009.
Local private think tanks, however, are more skeptical and predict growth could
drop to 3.6 percent in 2009, while some foreign investment institutions are
forecasting as low as mid-1 percent level gains.
yonngong@yna.co.kr
(END)
