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South Korea's exports will likely expand 4.6 percent on-year in 2013, a
turnaround from this year's contraction, with the world economy forecast to make
a gradual recovery, a trade association said Wednesday.
According to the Korea International Trade Association (KITA), the country's outbound shipments are expected to reach US$575 billion next year and its imports to grow 4.8 percent on-year to $545 billion.
Asia's fourth-largest economy is
estimated to post a 1.0 percent drop in exports of $549.6 billion for the whole
of 2012, while its imports will likely fall 0.8 percent on-year to $520.1
billion, noted KITA.
The trade surplus will likely climb to $30 billion for 2013, from an estimated $29.5 billion in 2012, it added.
"Demand in importing countries is expected to increase and export prices of chips and panels will rise next year with the recovery pace of the global economy and trade for 2013," said KITA in a release.
The International Monetary Fund (IMF) predicted the world economy will expand 3.6 percent next year on the back of economic stimulus by large economies, with the United States expected to grow 2.2 percent and Europe by 0.2 percent. The IMF also expected the global economy to grow 3.3 percent for 2012.
By industry, KITA said shipbuilding companies will see a turnaround in their exports next year, with a 4.9 percent on-year growth, from an estimated 28.4 percent slump in 2012.
Exports of wireless communications devices including smartphones are expected to jump 13.3 percent next year, a rebound from a 17.4 percent drop for 2012.
Cars and auto parts are expected to post 3.2 percent and 2.9 percent growth in exports, respectively, next year, KITA added.
KITA forecast that the local currency will maintain its strength next year due to the weak U.S. dollar and euro, stemming from the increasing liquidity supply and persistent eurozone woes.
South Korean exporters will likely be faced
with increasing import barriers in major economies amid a lackluster recovery,
Citing the World Trade Organization (WTO) data, the number of anti-dumping duties imposed by member countries dropped to 98 in 2011, after peaking at 141 in 2009. It already came to 74 in the first six months of 2012.
"Europe's fiscal crisis are unlikely to be resolved in the short term and trade conflicts between China and the U.S. are escalating, so protectionist moves will gain ground across the world," said KITA.