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News & Notice
Subject World's 11th Largest Economy by Achieving USD 700 billion in trading Date 2009-06-26 14:14:10
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World's 11th Largest Economy by Achieving
USD 700 billion in trading


= Memorial arch lighting ceremony held by KITA =

 

    

Korea has achieved USD 700 billion in trading for the first time in history.

According to the Korea International Trade Association(KITA), as of Dec. 18, Korea's exports reached USD357.1 billion and imports USD 343.5 billion, exceeding USD700 billion in the total trading volume.

This accomplishment was made in 40 years since Korea's exports reached USD 100 million in 1964 and in 19 years since it reached USD100 billion in 1988. Korea with the land size only accounting for 0.07% and population taking up only 0.7% of the world is expected to become the 11th largest economy in the world exceeding Hong Kong for the first time in history with the achievement of USD700 billion in trading.

In addition to this important landmark, exports, a pillar of Korea's economy, are expected to increase 13.9% year on year to about USD 370 billion by the end of this year, whereby Korea will become a country dealing with exports worth of USD 1 billion daily.

To commemorate the achievement, a memorial arch lighting ceremony was held in front of the World Trade Center on Dec. 20, 2007 at 6 pm with about 100 participants including the Minister of Commerce, Industry, and Energy Young-ju Kim, Chairman& CEO of KITA Hee-beom Lee, and heads of related organizations.

The memorial arch to commemorate the achievement of USD 700 billion in trading volume is scheduled to be displayed in front of the World Trade Center by Jan. 20, 2008. The congratulatory messages are highlighted with lights to be seen brightly even at night. At the sides of the arch is the phrase "Korea full of hope, to the world and to the brighter future with trade" in an effort to raise the awareness of the importance of trading to Koreans.

A KITA official said, "Reaching USD700 billion in trading is another breakthrough following the achievement of USD 300 billion in exports in December the previous year. The lighting ceremony was held to share the joy of our accomplishment with all the traders and people in Korea."

 

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