(SEOUL=Yonhap News) Korea saw its exports grow at a rate faster than any other country on the world's top 10 exporters list in the first quarter of 2017.
Even with global trade volume increasing for the first time in 3 years, Korean exports seem to be headed toward a remarkably swift recovery.
According to data released by the World Trade Organization (WTO) on May 21, the entire trade (export and import) volume of 71 major countries from January to March 2017 was USD 7.667 trillion in Q1 2017, up 10.4 percent from the same period the previous year (USD 6.947 trillion).
Peaking at USD 8.496 trillion in 2014, the world trade volume plunged by 11.4 percent the following year, and dropped even further by 7.7 percent in 2016 to an unprecedented low, but managed to return to positive territory for the first time in 3 years.
As recovering global demand breathes new life into global trade, the 71 major countries' exports grew at an average 9.8 percent in the first quarter of 2017, with only 7 of the 71 seeing their exports decrease.
Korea exported USD 132.3 billion during that time, a 14.9% jump, year-on-year.
Meanwhile, China exported USD 482.7 billion in Q1 2017, keeping its spot as the largest exporter in the world, followed by the U.S., which exported USD 372.9 billion, up 8.2 percent and 7.3 percent, respectively, from the same period in 2016. In comparison, Korea grew at almost double the rate of China and the U.S.
At third place, Germany's Q1 exports amounted to USD 340.7 billion (up 4.8%), followed by Japan and the Netherlands at USD 167.4 billion (10.2%) and USD 151.4 billion (12.0%), respectively.
Aided by the swift recovery, Korea even managed to climb to no. 6 from its previous ranking at no. 8.
France came in at no. 7 with exports amounting to USD 125 billion (1.2%), followed by Hong Kong at USD 124.6 billion (13.5%), Italy at USD 116 billion (6.2%) and the U.K. at USD 107.5 billion (6.4%).
Outside the top 10 list, exporters of raw materials such as crude oil also witnessed their exports surge.
At 36.4 percent, Australian exports saw the highest rate of increase from the previous year, followed by Russia at 36.0 percent, Ukraine at 34.4%, South Africa at 29.0 percent and Norway at 28.2 percent.
Many countries in Asia as well saw their exports grow at a rater higher than Korea's, including Indonesia (21.1%), the Philippines (18.3%), India (17.0%), Singapore (16.2%), Vietnam (15.1%), and Taiwan (15.1%).
The greater Korean economy, too, seems to have grown at a 0.9 percent rate on-year in Q1 2017, up 0.4 percentage points from the 0.5 percent in Q1 2016, becoming a pleasant surprise for most economists who had expected slightly lower figures (0.7 to 0.8%).
Analysts predict this positive trend will continue for the time being.
According to the Korea Center for International Finance (KCIF), 10 foreign investment banks, including Barclays, Morgan Stanley, and Nomura, raised their growth expectations for Korea in 2017 from 2.4 percent in late February to 2.5 percent in late March, and more recently to 2.6 percent in late April, as the country continues to expand its investments in facilities, and hopes that the new government will expand its spending later of this year.
yulsid@yna.co.kr
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Source: Yonhap News (May. 21, 2017)