By Bae Keun-min
Staff Reporter
Exports are expected to top $250 billion this year after crossing the $200 billion mark Friday for the first time in history.

In a meeting with reporters Friday, Commerce-Industry-Energy Minister Lee Hee-beom said that exports were short some $1.2 billion of reaching the $200 billion mark as of Thursday, but added ``With the recent export trend, annual exports are likely to cross the $200-billion mark Friday.’’

As a result, South Korea has become the 12th economy in the world to record the export landmark, following nations such as China, Hong Kong and Belgium, Lee said.

He predicted that the nation is expected to become the 6th largest exporter in the world by 2010.

``However, South Korea could be considered the 10th largest exporter, considering the high dependency of Hong Kong and Belgium on intermediary trade,’’ Lee told reporters.

South Korea’s intermediary trade accounts for 0.4 percent of total exports so far this year, while that for Belgium was at 29 percent in 2002. Hong Kong registered 93 percent in 2003.

The milestone is attributable to growth in global competitiveness of the nation’s major export items, including automobiles and mobile handsets, efforts to pioneer new overseas markets by the government and companies and rising demand for Made-in-Korea goods, the minister said.

The $200-billion in exports is similar to the combined export total of 38 nations in South America, which amounted to $211.9 billion in 2003, and larger than that of 53 African nations with $172.5 billion, the Korea International Trade Association (KITA) said.

The $200-billion exports indicate $4,167 in per capita exports, some 12 times larger than China’s $340, four times larger than Russia’s $942, and even bigger than Japan’s $3,710 and the $2,488 of the United States, the KITA said.

The total export volume for this year is forecast to amount to $250 billion, up 29 percent from 2003, due to brisk performances of semiconductors, wireless telecommunication gadgets, automobiles, computers and shipbuilding, Lee said. The 29-percent rise is the largest leap since 1995, when exports skyrocketed by 30.3 percent.

Per capita export volume is to be $5,187 this year, some 1,300-fold larger than $4 in 1964.

According to MOCIE data, the number of product items for overseas shipping has increased 11-fold, since the nation accomplished $100 million in exports for the first time in 1964. For the past 20 years, Korea’s exports expanded by 2000 times, while export destinations and the number of companies in the trade business grew 5.6-fold and 130-fold.

In order to step into an era of $20,000 in per capita national income, annual exports needs to grow to the level of $400 billion, Lee said, ``A variety of measures to encourage exports will be mapped out in a direction to create new export opportunities in the rapidly changing trading environment.’’

``Although $20,000 in per capita national income was, in the beginning of the year, forecast to be reached after 2010, it is expected the income target will be achieved two years earlier if current export conditions continue,’’ a KITA official said.

The KITA official also said it is highly likely that South Korea will surpass Hong Kong in the global ranking of exports to snatch 11th place this year, adding a forecast that Korea will be able to grab the 6th or 7th by 2010.

kenbae@koreatimes.co.kr