Exports Projected to Grow
to $370 Bln in 2007

700 people awarded with diverse prizes for their contribution to the development of the export industry on Trade Day anniversary

Korea is forecast to post $370 billion worth of exports during the whole of 2007. The Korea International Trade Association (KITA) announced at their celebration of the 43rd Trade Day, which fell on Nov. 30, that total trade, the combination of exports and imports, is projected to surpass the $700 billion mark for 2007.
This means that Korea is ushering in an era of exporting $1 billion per day 43 years after Trade Day was first observed on Nov. 30, 1964 when Korea exported $100 million worth of exports annually.
Only 10 countries chalk up $700 billion worth of trade yearly, including the United States, Japan and Germany. The countries, except China, are all advanced nations each with the per capita income of more than $30,000.
"If the current trend continues, Korea will rise to 11th place in the world in terms of the size of trade by the end of the year, overtaking Hong Kong,"a KITA official said.
Korea's exports are projected to grow at a rate of 13 percent, representing a fifth consecutive year of double-digit growth.
Thanks to booming exports, Korea will post a trade surplus for the 10th straight year since the Asian financial crisis, which amounted to $14 billion for the first 10 months of this year. Korea's dependence on an export surplus worth $15.5 billion to China is too high, as the nation is in a trade deficit with other countries. Due to sluggish exports to Japan, stemming from the appreciation of the Korean won against the yen, Korea's trade deficit with its neighbor to the east is forecast to reach a record $30 billion for the year.
Meanwhile, the Ministry of Commerce, Industry and Energy (MOCIE) and the KITA celebrated the 43rd anniversary of Trade Day at the COEX Convention Center on Nov. 30 with government and trade-related industry officials, including President Roh Moo-hyun, MOCIE Minister Kim Young-ju and KITA Chairman Lee Hee-beom, participating.
President Roh declared in his commemorative speech at the anniversary event, "Currently, our economy has been offered another opportunity. That's inter-Korean economic cooperation."Roh said, "Even though North Korea has a few unresolved conflicts and problems to be addressed, it is no longer a threatening land, but a land of opportunities."He emphasized that it means that the size of the North Korean market is enormous and has the potential to expand, so the South Korean government has been striving to open inter-Korean trade, launch investments and create opportunities.
"The recent inter-Korean summit talks and prime ministers"talks held this month have narrowed our differences on a considerable number of issues,"Roh said. The North and the South agreed to solve the three 'Tong'issues ― travel, communications and customs clearance ― in order to invigorate the Gaeseong Industrial Complex and will begin regular freight train runs next month. Additionally, the projected 'Seohae Special Peace Cooperation Zone'is expected to bring about enormous economic benefits and the projected 'Shipbuilding Cooperation Complex'is receiving much attention from both the South and the North, the President said.
About 700 people were awarded with diverse orders, prizes and citations in recognition of their contribution to boosting exports and invigorating the trade industry.
The coveted Order of Industrial Service, Gold Tower went to Nam Sang-tae, president and CEO of Daewoo Shipbuilding & Marine Engineering (DSME), Choe Sung-chul, president and CEO of Doosan Infracore and Shin Yong-joo, chairman of Samho Shipyard.
DSME CEO Nam was given the award for surpassing the $10 billion mark in orders the company has landed in a year for the first time since its founding. DSME has succeeded in building the LNG-RV (re-gasification vessel) that supplies consumers on land with re-gasified natural gas directly from the ship for the first time in the world.
Doosan Infracore CEO Choi was praised for evolving its machinery business into one of the company's growth engines. Doosan Infracore has witnessed a doubling of its exports to $2.2 billion in 2007 in two years.
Samho Shipyard Chairman Shin was recognized for exploring the niche market to raise its exports by about 80 percent over a year earlier.
Samsung Electronics, who have seen their exports rising by 7 percent despite faltering domestic demand and raw materials price hikes, was presented with the $45 billion Export Tower Award. Hyundai Heavy Industries Co., Hynix Semiconductor and LG Chem won the $10 billion, the $9 billion and the $5 billion Export Tower Awards, respectively. nw

President Roh Moo-hyun speaks during a ceremony to celebrate the 43rd Trade Day at the COEX Convention Center on Nov. 30.

Korea International Trade Association Chairman Lee Hee-beom gives a speech during the 43rd Trade Day anniversary.