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South Korea Becomes Better In International Trade Than Japan, China

By February 21, 2016 at 4:32 am
South Korea Becomes Better In International Trade Than Japan, China (Photo : Chung Sung-Jun | Getty Images News)

SEOUL, SOUTH KOREA - In the recent data on international trade, South Korea has become better than China and Japan despite having a decrease in its export volume.

In the latest rankings posted by the World Trade Organization (WTO), South Korea boasted a total of $526.9 billion in exports in 2015, moving up to sixth place in the global list for the first time after five years.

Its export volume had gone down by 7.99 percent from 2014. However, its relationship to the global scale went up to 3.6 percent coming from 3.35 percent.

According to the report of The Korea Herald, South Korea was at 12th place in 2008. Then, it moved up to ninth place a year after and seventh place in 2010. This year's rank is the highest that the country has placed so far.

Despite ranking at fifth place in WTO, Japan had a decrease of 12.9 percent in its exports, generating a total of 5.3516 trillion yen (around $48 billion) in January 2016. The decline in its export industry started to happen in October 2015, a sharp decrease for the first time in more than 6 years, according to Ministry of Finance of Japan.

The main reasons behind the slump were due to the slow economic growth of China and oil price decrease. Even Japan's imports posted an 18 percent decline, consecutively falling for 13 months, as reported by Business Korea.

Apparently, China is at first place with a total export of $2.2749 trillion. However, its export and import sectors also posted a decrease by 11.2 and 18.8 percentages in 2015, respectively.

"Weak demand and low oil prices weighed down on global trade last year, but Korea and China fared better than the U.S., Europe and Japan," said Moon Byung-gi, a senior researcher working at Korea International Trade Association.

India, Indonesia, Singapore and other Asian countries also had a shrink at international trade. Nils Smedegaard Andersen, chief execuive officer of Maersk, said the current conditions of international trade "are even worse than those during the global financial crisis of 2008," Business Korea further reports.

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