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Korea Likely to Surpass Japan in Exports after 2017: Report
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South Korea will likely surpass Japan in exports after 2017 on the back of
rising outbound shipments of its ships and electronic devices, a think tank said
Wednesday.
According to a report by Hyundai Research Institute (HRI), South Korea's exports accounted for 3.1 percent of the world's total exports in the January-July period of 2012, up from 2.7 percent in 2000.
Meanwhile, Japan saw its share of total global exports fall to 4.6 percent from 7.5 percent over the cited period, narrowing the gap with South Korea to 1.5 percentage points.
"Japan has focused on protecting its local market for the past decade, but South Korea has strived to expand its economic horizon through free trade deals with big economies," said the HRI report. "If this trend continues further, South Korea's exports will likely surpass those of Japan after 2017."
South Korea-built ships made up 30.2 percent of the world's ship market in 2011, up from 21.2 percent in 2000, while its neighboring country experienced a drop to 14.5 percent from 26.4 percent during the same period.
The market share of South Korean electronic goods advanced to 5.9 percent in 2011, compared with 6.5 percent for Japanese products.
The HRI report attributed the narrowing gap between the global market share of South Korean electronics goods and that of Japan's to a decade of a strong Japanese yen against the U.S. dollar. The stronger yen raised prices of Japan-made electronics products.
The report, however, worried that the recent depreciation of yen, sparked by Tokyo's monetary easing, would threaten price competitiveness of South Korea's exports.
Source Text
Date
2013.01.30
According to a report by Hyundai Research Institute (HRI), South Korea's exports accounted for 3.1 percent of the world's total exports in the January-July period of 2012, up from 2.7 percent in 2000.
Meanwhile, Japan saw its share of total global exports fall to 4.6 percent from 7.5 percent over the cited period, narrowing the gap with South Korea to 1.5 percentage points.
"Japan has focused on protecting its local market for the past decade, but South Korea has strived to expand its economic horizon through free trade deals with big economies," said the HRI report. "If this trend continues further, South Korea's exports will likely surpass those of Japan after 2017."
South Korea-built ships made up 30.2 percent of the world's ship market in 2011, up from 21.2 percent in 2000, while its neighboring country experienced a drop to 14.5 percent from 26.4 percent during the same period.
The market share of South Korean electronic goods advanced to 5.9 percent in 2011, compared with 6.5 percent for Japanese products.
The HRI report attributed the narrowing gap between the global market share of South Korean electronics goods and that of Japan's to a decade of a strong Japanese yen against the U.S. dollar. The stronger yen raised prices of Japan-made electronics products.
The report, however, worried that the recent depreciation of yen, sparked by Tokyo's monetary easing, would threaten price competitiveness of South Korea's exports.
Source Text