Korea to post record trade surplus this year

SEOUL, Nov. 29 (Yonhap) -- South Korea is expected to post a record high trade
surplus this year because its exports are recovering faster than those by other
countries, despite a global economic slowdown, a trade organization said Sunday.
According to a report by the Korea International Trade Association (KITA), the
nation's trade surplus will surpass US$40 billion this year, the highest ever in
its history. The current record is $39 billion posted in 1998.
The upbeat forecast unveiled one day before the nation marks the 46th annual
Trade Day is attributed to fast-rebounding exports and reduced demand for foreign
products here amid an economic slump at home and abroad.
Exports plunged nearly 20 percent this year until October, but the downturn is
showing signs of easing. Overseas shipments are expected to drop some 14 percent
for the full year, a much smaller contraction than other major advanced and
emerging countries.
The relatively fast recovery will push the share of the nation's exports in the
global market to 3 percent this year, up from 2.6 percent last year, KITA
forecast. It added that the nation will rise to the ninth largest exporting
country in the world from last year's 12th ranking.
kokobj@yna.co.kr
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