The export projection was released in an export trend review meeting for the second half of 2004, held at the Kwachon government complex by export-related government agencies and leading trading companies.
Strong exports are also expected to boost trade surplus to $25 billion this year, a $10 billion increase over last year.
"Despite worsening export conditions like high oil prices and interest rate hikes with major trading partners, exports are forecast to shoot to around $20 billion for the rest of the year. Accordingly, the outbound shipments will go way beyond the $200 billion projected early this year,'' a MOCIE official said.
If the country achieves the upwardly revised export outlook for 2004, it will see exports rise by 26.4% from $1,938 last year.
Monthly exports exceeded $20 billion for the 6th straight month from March this year on the back of the world's growing demand for Korean goods, particularly high-tech products.
"The country will become the 12th nation in the world to achieve over $200 billion in exports this year. In the case of exports per capita, Korea will place 8th in the world,'' a report by the Korea International Trade Association said.
It is rare to see a country achieve the fastest export expansion in such a short period of time, as it has taken only 40 years for Korea to expand exports to $200 billion from $0.1 billion in 1964.
Among 12 countries, including islands and Guatemala, that posted $0.1 billion in exports in 1964, all except Korea failed to achieve even $100 billion in exports this year, the report said.
In an effort to prop up exports, which shows a sign of a recent slowdown, the MOCIE said it will step up a free trade agreement with trading partners and support overseas marketing of trading companies. (The Korea Times)