The Republic of Korea (RoK) will further boost trade ties with member countries of the Association of Southeast Asian Nations (ASEAN) in a bid to beef up exports amid the global economic downturn.
The Republic of Korea (RoK) will further boost trade ties with member countries of the Association of Southeast Asian Nations (ASEAN) in a bid to beef up exports amid the global economic downturn.
The move was made when the RoK’s export volume to the European Union (EU) and the global markets tumbled partly due to the prolong Eurozone debt crisis, the RoK Ministry of Knowledge Economy elaborated in its statement issued on October 16.
The country’s export revenue in the first nine months of this year suffered a year-on-year decline of 1.5 percent to 408.4 billion USD, according to the ministry’s statistics.
Of which, the RoK’s exports to the EU have been sluggish with the current 9.4 percent, down from 10.3 percent in 2010, while the figure to China, the country’s biggest export market, also saw a gradual decrease.
Meanwhile, the RoK’s exports to the ten ASEAN member countries have been gearing from 10.9 percent in 2010 to 11.6 percent in 2011 and to the current 12.1 percent, despite the global economic turbulence.
The ministry forecasts that the country’s export performance to ASEAN countries will be further driven in the years to come.-VNA
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