S. Korea should diversify export markets: customs office

SEOUL, Oct. 13 (Yonhap) -- South Korea must diversify its export markets in order
to achieve a sustainable expansion of overseas shipments and prepare for the
possibility of another global economic crisis, a government report said Tuesday.

Of South Korea's 2008 exports, estimated at US$422 billion, around half went to
China and other Asian markets. About 30 percent were sold in the European and
North American markets, according to the report by the Korea Customs Service.
However, shipments bound for resources-rich African countries, central Asian and
Russian markets remained relatively marginal in terms of exports share, the
report showed.
Exports to Africa accounted for 2.2 percent of South Korea's total overseas
shipments last year, compared with 1.7 percent in 1995, while those bound for
central Asia and Russia rose from 1.4 percent to 3.2 percent, according to the
report.
"Compared with 1995, diversification of our export markets is underway as the
ratio of shipments to European and Latin American markets has increased while
dependence on the top 10 export markets has been on the decline," the report
said.
"Still, considering exports play a role in propping up our economy in case of an
economic crisis, we need not only to increase competitiveness of key export items
but also expand our goods to be sold in more diverse regions and countries," the
report added.
kokobj@yna.co.kr
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