15:56 | 29/06/2017 Global Economy
Overall trade of the Republic of Korea (RoK) is projected to exceed one trillion USD in 2017, a year-on-year rise of 11.5 percent.
According to the Korea International Trade Association, exports are forecast to rise 9.4 percent to 542 billion USD, while imports are expected to jump 14 percent to 463 billion USD this year.
The RoK’s exports in January-May recorded average growth of 16.3 percent thanks to higher demand for semiconductor and organic light emitting diodes, the expansion of exporting products in new growth industries and diversification of export markets. Notably, export growth from January to April was estimated at 17.1 percent, double the global average level (8.1 percent).
With this outcome, the RoK became the sixth largest export economy in the world, accounting for 3.3 percent of the global export market.