S. Korea aims to remain world's 9th largest exporter in 2010

SEOUL, Dec. 23 (Yonhap) -- South Korea aims to retain its position as the world's
ninth largest exporter next year by securing a 3 percent share of the global
export market, the government said Wednesday.

The Ministry of Knowledge Economy said it hopes the country will export US$410
billion worth of goods in 2010 to keep its current position in the world market
and post a trade surplus of $20 billion.
The nation's export ranking rose from 12th place in 2008 to ninth place this
year, even as the global economic slump impacted investment and consumption and
shrank the volume of trade across the globe.
In 2008, South Korea accounted for 2.6 percent of the global trade volume, with
exports totaling $422 billion. For this year exports could reach $363 billion,
with the trade surplus topping $40 billion.
The ministry predicts that if the global economy makes a comeback and crude oil
prices hover around $80 per barrel, outbound shipments of 10 key products --
including semiconductors and autos -- may grow an average of 9.7 percent on-year
next year.
Exports of medicine and medical equipment, military hardware, farm goods and
cultural contents are all expected to grow by more than 20 percent, according to
the ministry.
To fuel export growth the government will increase export-related financing and
insurance coverage from 221 trillion won (US$187 billion) in 2009 to 250 trillion
won, while setting aside 31.5 trillion won in liquidity to help small- and
medium-sized exporters. In 2009, the government injected around 25.4 trillion won
to help smaller companies.
The ministry, which is in charge of trade promotion, also said it will implement
policies to differentiate exports to developing and developed economies to better
meet local conditions and spur demand.
"The market share of locally made goods in advanced developed economies has
fallen steadily from 3.7 percent in 1990 to 2.2 percent in 2008," a ministry
official said, noting those economies make up 70 percent of the world's GDP.
South Korea's market share in developing economies across Asia, Africa and Latin
America, however, has risen from 12.1 percent in 1970 to 71.1 percent this year,
he said.
yonngong@yna.co.kr
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