The Ministry of Knowledge Economy said on December 4 that Korea will break the US$1-trillion barrier in trade figures (sum of export and import figures) by the 8th. The item that contributed most was none other than petroleum products including gasoline, diesel, and lubricant, overtaking traditional major export items such as ships, semiconductors, and automobiles.
The amount of exports in petroleum products for the 11 months between January and November was $51.72 billion, accounting for 10.3 percent in total exports. It also exhibited the highest growth rate among the top-ten export items.
The total export figure for the year is forecast to be $555.2 billion, almost identical to that recorded in 2011. The top export items other than petroleum products for the 11-month period were semiconductors ($46.1 billion), general machinery ($44.0 billion), automobiles ($43.0 billion), petrochemical ($42.0 billion), steel products ($32.6 billion), and mobile communications ($19.8 billion).
For full article, see Korea Economic Daily.