This year export has recorded 180 billion dollars for the first time in history, in spite of the difficulties in revalue of the won currency and other matters. Balance of payments is also expected to excess 8 billion dollars.

The minister of the Ministry of Commerce, Industry and Energy has reported at the ‘Meeting for Promotion of Foreign Trade’ under the supervision of the President of S. Korea, on Sept. 26, that export for this year has exceeded 180 billion dollars (former record: 172.3 billion dollars in 2000) and the balance of payments is expected to exceed 8 billion dollars also.

This record of 180 billion dollars has topped this year’s export goal of 175 billion by 7.7% and over 5 billion dollars. Despite many difficulties such as SARS, walkout by the freight association, apprehension in relations between labor and capital, fall in Won-Dollar exchange rate and other matters, active export measurements and continuous rebinding in export to Chin and the success in export of automobiles and wireless communication equipment has been successufl.

In addition, import has increased by 17.9%, 114.2 billion dollars from August of last year through the raise in values and import of capital goods and balance of payments recorded 5.7 billion dollars.

Other uncertain matters such as revaluation of the Korean currency and increase in values have existed but export is expected to gradually recover till late this year.

The MOCIE plans to extend support on exchange rate insurances and enforce custom exchange risk consulting to settle any matters for minor enterprises due to lack of service capacity or other difficulties. Middle and long period plans to actively promote preparations to export market diversification, various settlement currencies, management rationalization, technology development and other methods.

Source from the Ministry of Commerce, Industry and Energy