Exports Break $200 Bln on Oct. 22
- Feat comes after achieving $100 mln in exports 40 years ago

The Ministry of Commerce, Industry, and Energy (MOCIE) said Oct. 22 that the nation's exports reached $200 billion after breaking the $100 million level 40 years ago. MOCIE Minister Lee Hee-beom at a media briefing said the record shows that Korea's exports grew at a blistering pace of 21.1 percent per year during the past 40 years since recording $100 million in exports back in 1964.
The minister attributed the unbelievable record to the creative business spirit of the business community, blood-soaked efforts by workers, and innovative efforts by science-technologists and the government's support policies. Lee continued on to say that foreign investment accumulated totaled $100 billion on the report-basis and exports would amount to $250 billion by the end of this year. He said the record would make Korea the 10th in exports in the world, eliminating such transit-trade countries as Belgium and Hong Kong, adding that most countries which recorded $100 million in exports are struggling to reach the $10 billion level, while Korea was able to reach the $200 billion level.
Minister Lee said the number of export products increased from round 700 to 8,090 during that time. The number of countries importing Korean products expanded from around 40 to some 220 in that period. The number of export firms expanded from around 700 firms to some 90,000, growing some 130 times while the quality of export products has been upgraded with export markets diversified.
He said he will see that to advance the age of $20,000 in per capita income and $400 billion in exports diversified trade promotion policies are implemented. He said trade policies would be geared toward exporting such key products as plants, services, high technology-intensive products-diversified and high value-added products to advance the achievement of $400 billion in exports.
Asked about exports not creating jobs, the minister said he heard that GM Daewoo is on the way to expand its R & D manpower from around 500 to as much as 2,000 in the near future, although rumors abound that the motor firm will be nothing but a subcontractor to GM from the United States with the loss of its R & D unit. He said if an industry grows the number of worker per production unit would be reduced but it moves back up when its scale of production rises requiring a larger number of workers including staff for its R & D unit. He said the core of his policies would be focused on developing plant and service export structures with high-grade labor as a short cut to achieving $400 billion in annual exports.
Asked about his prediction for next year's exports to the extent that exports this year so have been way ahead of last year's as firms looked for overseas markets to sell their products due to the sluggish domestic economic conditions, the minister said the growth of exports would not be as large as this year's with oil and raw material prices expected to remain high and the world economy not as bullish as this year's. Even if exports grow 30 percent next year it would not be as large as this year's rate of increase due to statistical reasons.
On questions regarding the timing for achieving $400 billion in exports and the scale of exports to reach $20,000 in per capita income, the minister said to achieve $20,000 in per capita income, exports should reach $400 billion a year, which would depend on such factors as GDP growth, the foreign exchange rates, and inflation. He said he would his best to advance the achievement as early as possible, although he would not know when exactly they would come.
Asked about the selection of a site for a nuclear power center, he said wanted to finish the matter in October, but its been delayed for a number of reasons including parliamentary inspections, and his overseas trips and he thinks he would be able to conclude the matter next month.
Asked about the Constitutional Court's disapproval of the government's plan to relocate the administrative capital from Seoul, he said the business community fears a shock to the economy and strengthened regulations surrounding the Capital area, which he denied as happening. nw