By Seo Jee-yeon
Staff Reporter

Exports are expected to exceed $200 billion for the first time in the nation’s trade history, reaching around $245 billion, according to the Ministry of Commerce, Industry and Energy (MOCIE) Tuesday.

The projection was made in an export trend review meeting with representatives of government agencies and trading companies for the second half of 2004, held at the Kwachon government complex.

Strong exports are also expected to boost the trade surplus to $25 billion this year, up $10 billion over last year.

``Despite worsening export conditions, like high oil prices and interest rate hikes in major trading partners, monthly exports are forecast to be at around $20 billion in the remaining months of this year. Accordingly, outbound shipments will exceed $200 billon,’’ a MOCIE official said.

If the country achieves the upwardly revised export outlook for 2004, it will see exports rise by 26.4 percent from $194 billion last year.

Monthly exports exceeded $20 billion for the sixth straight month from March this year on the back of the growing demand around the world for Korean goods, particularly, high-tech products.

``The country will be ranked 12th in the world this year. For exports per capita, Korea will be placed 8th in the world,’’ according to the Korea International Trade Association (KITA).

It has taken only 40 years for Korea to expand exports to $200 billion from $0.1 billion in 1964.

Among the 12 countries, including Guatemala and Iceland, which posted $0.1 billion in exports in 1964, all, excluding Korea, failed to achieve even $100 billion in exports this year, the report said.

In an effort to prop up exports, which are showing signs of a slowdown, the MOCIE said it will step up efforts for free trade agreements with trading partners and support overseas marketing of trading companies.

jyseo@koreatimes.co.kr