S. Korean exports to top U$300 bln mark on Tuesday

South Korea's cumulative exports for this year surpassed the US$300-billion mark on Tuesday, making it the world's 11th country to reach the landmark level, the commerce ministry said.

The country's yearly overseas sales shot past the landmark Tuesday afternoon and reached $300.3 billion as of 6 p.m., it said.

As of 2005, there were only 10 countries in the world which sold more than US$300 billion worth of goods and services abroad.

They included the United States, Germany, China and France. South Korea's record-high overseas sales are largely backed by brisk sales of semiconductors, ships and autos with yearly sales of chip and auto sales expected to top $30 billion each this year.

South Korean shipbuilders are also expected to post a record-high overseas sales this year, with their combined orders totaling $38.4 billion in the first 10 months of the year.

For this year, South Korea's exports topped the $100-billion mark in May and exceeded the $200-billion mark in August. The country's yearly exports amounted to a mere $1 billion in 1964.

During the 1964-2005 period, annual growth rate of exports averaged 20.9 percent, the fastest growth among major trading countries, the ministry said.

The ministry forecast that South Korea's total exports for all of this year will reach $326 billion.

Exports, one of the economy's growth engines, remained relatively strong despite high oil prices and a firmer won versus the U.S. dollar, as overseas sales of some items such as auto parts showed steady growth.

The South Korean economy, Asia's fourth-largest, is expected to grow 5 percent this year on the back of a recovery in private spending and resilient overseas sales.

But its growth pace is forecast to slow to the mid 4-percent range next year, weighed down by sluggish domestic private spending and a slow global economy.

Seoul, Dec. 5 (Yonhap News)