According to Yonhap News,

(SEOUL=Yonhap News) South Korean exports are expected to grow 4.6 percent from a year earlier on the back of the economic recovery in the United States and free trade deals with major trading partners, the state-run trade organization said Thursday.

"(South Korea's exports) will grow next year with the help of the U.S. economic recovery and ripple effects of the free trade agreements," Oh Young-ho, the head of the Korea Trade-Investment Promotion Agency (KOTRA), said in a meeting with reporters.

Outbound shipments will grow 4.6 percent on-year to US$604.4 billion in 2015, with the trade surplus forecast to reach 46.9 billion won, KOTRA said. Imports were expected to rise 4.7 percent to $575.5 billion next year.

Exports will expand in most regions, while sales in North America are expected to advance 9.2 percent next year, it said.

Greater China, including Taiwan and Hong Kong, will show a 4 percent hike, while exports to Europe will decrease 1.1 percentage points to 4.5 percent due to the economic slowdown in the region, the agency said.

South Korean exports to the U.S. and the European Union expanded 11.9 percent and 7 percent each in the January-October period of this year, from the same period in 2013. The numbers for India and Turkey were up 11.3 percent and 20.4 percent.

The Korea International Trade Association, another trade agency, also expects South Korean exports to top the US$600 billion mark for the first time ever in 2015 thanks to the faster pace of global economic growth and trade.

ejkim@yna.co.kr

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