ID :
79375
Thu, 09/10/2009 - 18:11
Auther :
Shortlink :
https://www.oananews.org//node/79375
The shortlink copeid
S. Korea to upgrade trade index to cover new growth sectors
SEOUL, Sept. 10 (Yonhap) -- South Korea plans to upgrade its trade index to
better reflect the importance of growing new industries, officials said Thursday.
The move to revise the official export-import assessment code reflects rapid
changes in the overall business and trade environment, along with the need to
better represent the role of eco-friendly technologies and convergence and
knowledge services, the Ministry of Knowledge Economy said.
The so-called Ministry of Trade and Industry (MTI) code was first established in
1988 and uses data from the harmonized commodity description and coding system
regime employed by the Korea Customs Service. The MTI code has been updated every
four to five years with the last being made in 2004.
"Emergence of new industries and the rising importance of some commodities
necessitates changes in the MTI," a official said.
He said that information technology convergence, biotech, aerospace, robotics and
cultural content will all be listed separately, along with display panels.
Display panels are presently categorized as electronic parts, but with South
Korea becoming the largest manufacturer of the product in the world, there has
been steady calls for a separate listing.
Other changes being planned call for solar and wind power technology to be listed
as renewable energy products. South Korean companies have started taking greater
interest in building up their capabilities in green industries and hope to gain
footing in overseas markets.
The ministry, which is in charge of the country's industrial and trade promotion
policies, also said it is trying to develop a forecast model to give policymakers
the ability to better understand the effects of foreign exchange rates, crude oil
prices and global growth forecasts on South Korean trade.
Lack of a reliable forecast model caused Seoul to misjudge the volume of exports
and imports and its trade balance last year, as the world was rocked by soaring
crude oil prices and the collapse of U.S. investment giant Lehman Brothers.
yonngong@yna.co.kr
(END)
better reflect the importance of growing new industries, officials said Thursday.
The move to revise the official export-import assessment code reflects rapid
changes in the overall business and trade environment, along with the need to
better represent the role of eco-friendly technologies and convergence and
knowledge services, the Ministry of Knowledge Economy said.
The so-called Ministry of Trade and Industry (MTI) code was first established in
1988 and uses data from the harmonized commodity description and coding system
regime employed by the Korea Customs Service. The MTI code has been updated every
four to five years with the last being made in 2004.
"Emergence of new industries and the rising importance of some commodities
necessitates changes in the MTI," a official said.
He said that information technology convergence, biotech, aerospace, robotics and
cultural content will all be listed separately, along with display panels.
Display panels are presently categorized as electronic parts, but with South
Korea becoming the largest manufacturer of the product in the world, there has
been steady calls for a separate listing.
Other changes being planned call for solar and wind power technology to be listed
as renewable energy products. South Korean companies have started taking greater
interest in building up their capabilities in green industries and hope to gain
footing in overseas markets.
The ministry, which is in charge of the country's industrial and trade promotion
policies, also said it is trying to develop a forecast model to give policymakers
the ability to better understand the effects of foreign exchange rates, crude oil
prices and global growth forecasts on South Korean trade.
Lack of a reliable forecast model caused Seoul to misjudge the volume of exports
and imports and its trade balance last year, as the world was rocked by soaring
crude oil prices and the collapse of U.S. investment giant Lehman Brothers.
yonngong@yna.co.kr
(END)
