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FRI, 2016-05-27 KST

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Korea is world's 6th largest exporter in 2015: WTO Updated: 2016-02-18 18:41:10 KST


Korea was the world's sixth-largest exporter last year, moving up a notch from the year before despite the sluggish global economy and low global oil prices.
According to the World Trade Organization on Thursday, Korea's exports amounted to 527-billion U.S. dollars last year putting the country in sixth out of the 71 exporters surveyed.
China topped the list with 2.27 trillion U.S. dollars, followed by the U.S. with one.five trillion and Germany with one.three trillion.

The report says with the global economic slump and low oil prices, the world's export volume decreased by about 11-percent last year.
But the impact was relatively less severe for Korea, which saw its exports decline 8-percent last year from 2014, increasing Korea's share of global export volume.

Korea has been rising in the WTO's ranking in recent years.
In 2008, Korea ranked twelfth.
It moved up to ninth the following year, and now, seven years later, has gone up six notches to sixth.

But the news isn't all good.
Korea has been suffering from sluggish exports for 13 straight months since January of last year, and could continue for a 14th month if the streak continues through this month.
That's the longest period of decline since recordkeeping began in 1970.


"Korea may have moved up a notch in the WTO's ranking, but that's because exports are sluggish worldwide for numerous reasons -- but mainly the slowdown of the global economy and especially the oversupply from China.
The Korean government can support export firms by improving the export environment through free trade agreements and through trade policy."

(Stand-up)
"But analysts think that those solutions will not be enough as the problems originated outside of the country, meaning that they aren't likely to resolved in the short-term. That leads the analysts to predict that the downward trend will continue for a while.
Lee Ji-won, Arirang News."

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