New Delhi, Delhi, India
China continues to be the largest trade partner for the Democratic Republic of Korea, reinforcing the two nations' economic cooperation relationships. In comparison, India ranks 11 among Korea's export destination-countries and 16 for imports.
According to a report on 2007 Exports and Imports Trends released on January 2 by Korea's Ministry of Commerce, Industry and Energy, China's 2007 trade volume with Korea posted USD 140.5 billion, becoming Korea's largest trade partner, and Korea's exports to China reached USD 79.3 billion, making China its biggest export destination. Korea's exports to India during 2007, on the other hand, were valued at just USD 6.39 billion, while its imports from India were at only USD 4.48 billion.
India and Korea have long been discussing a proposed Comprehensive Economic Partnership Agreement (CEPA, technically the same as a Free Trade Agreement,), which would promote growth through liberal bilateral trade, investment and economic and technical cooperation. The terms of the agreement are still under negotiation; the next round of talks - the tenth - is due to be held in April 2008.
Korea's principal exports to India are auto parts, steel, lubricating and light oil, ships, synthetic resins, and handsets and other wireless communication parts, while its imports from India comprise primarily naphtha (valued at close to USD 1.7 billion) and also various ores, yarns and medical supplies.
Korea International Trade Association (KITA) said: "India is an important partner for Korea and we aim to strengthen bilateral ties in all aspects of economic activity. It is vital for Korea to participate in India's economic boom, through trade relations and technological and investment partnerships. Along with China, India offers the highest growth potential for Korea's bilateral trade relations."
Korea's imports from China jumped 29.9% from USD 48.6 billion in 2006 to USD 61.2 billion in 2007; in particular, products with a strong showing include steel products (58.7%), agricultural products (53.8%), semiconductors (36.1%), and consumer electronics (18.4%).
Korean exports to China climbed 18.1% from USD 69.5 billion in 2006 to USD 79.3 billion in 2007. In particular, surging steeply were liquid crystal devices (113.2%), basic industrial machinery (39.2%), and wireless communication equipment (34.0%).
Korea International Trade Association (KITA) said, "Korea-China trade volume surged from USD 6.4 billion at the time of opening diplomatic ties between the two nations to USD 132 billion in 2007, growing more than 20 times in 15 years. Given its two-digit high economic growth, China is a good market for Korea. Simultaneously, China is a good trade partner and competitor for Korea, inspiring mutual development."
In the meantime, Korea's total trade volume in 2007 posted USD 728.5 billion, making it world's eleventh-largest trade power, after the U.S., Germany, Japan and other leading nations. In particular, exports grew 14.2% despite the unfavourable external trade climate involving high oil prices and the strong Korean won currency, continuing the country's two-digit export growth for five consecutive years.
KITA said, "Most of products such as general machinery, liquid crystal devices, automobiles, and wireless communication equipment had equally good showing. This is sharply increasing the number of Korean products with high global market shares."
According to MOCIE's statistical data, as of January 2008, about 100 Korean products - such as ships and displays - have the world's highest market share. Alongside, about 340 Korean products rank within the top five globally in terms of market share. A total of 583 Korean products are expected to enter the rank of the top global five market shares within the next three years. This figure compares with 120 in 2001, marking a 386% increase in seven years.
In particular, Korean-made handsets, which sport cutting-edge technology and superior design, have become among the most favourite brands worldwide as have Korean-made air-conditioners.
World Class Product of Korea
World Class Product of Korea means those products that rank among the world's top five market shares, or have the potential to do so in the next three years. As of January 2008, the number of World Class Product of Korea stands at 583, surging by 386% seven years after 2001 when it stood at 120. Of these, there are about 100 products leading in global market share. For more information on World Class Product of Korea, please visit www.buykorea.org.
About KITA
Korea International Trade Association (KITA), a trade promotion agency representing Korea, was established in 1947 to foster and promote Korea's commercial potential with the global community. KITA provides a variety of direct services such as business arrangements and trade consulting. It also assists trading companies in resolving grievances by reporting them to relevant government authorities. KITA, composed of exporting manufacturers and companies, operates seven overseas branches in Tokyo, New York, Washington, Beijing, Shanghai, Brussels and Singapore. (www.kita.org)
Source: Korea International Trade Association (KITA) (Business Wire India)
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