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SOUTH KOREA'S EXPORTS FORECAST TO REACH $US360BLN IN 2007.
SEOUL, Jan. 2 Asia Pulse - Exports are expected to remain South Korea's main growth engine, with overseas shipments likely to reach US$360 billion in 2007, government officials and private economists say.
This projection comes despite concerns that the global economy will slow down in the new year and that foreign exchange rates may remain unfavorable, making locally-made goods more expensive abroad.
The estimate represents a gain of about 10.5 per cent compared to 2006, and will be the fifth consecutive year since 2003 that the country's exports have made double-digit gains.
Exact numbers are pending, but South Korea's exports for last year may have reached $326.1 billion or a gain of 14.6 per cent year-on-year, according to the Korea Institute for Industrial Economics and Trade (KIET).
The country's exports surpassed the $300 billion mark on Dec. 5 for the first time.
Only 10 other countries have ever managed to reach this milestone. South Korean exports passed the $200 billion mark for the first time in 2004.
The state-run think-tank said that exports for Asia's fourth-largest economy may reach $172 billion in the first half and hover around $188 billion from July to December.
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