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By APD writer Alice
The Republic of Korea (RoK) or South Korea's trade with countries belonging to the Association of Southeast Asian Nations (ASEAN) has increased twentyfold compared to the 1980s, according to data released by the South Korean Ministry of Trade, Industry and Energy and the Korea International Trade Association
ASEAN countries have been emerged as major trading partners of Asia's No. 4 economy. South Korea’s combined shipments to these nations reached US$80 billion over the January-October period while its imports hit $47.4 billion.
This indicated that the RoK enjoyed a trade surplus of $32.6 billion.
In 2018, South Korea's combined exports to the ASEAN members were $100 billion, with the trade surplus hitting $40 billion.
In 1989, the country shipped around $3.9 billion worth of commodities to ASEAN nations while bought goods valued at $4.1 billion from them.
By country, South Korea's trade with Vietnam grew at the sharpest pace. Vietnam became the fourth largest partner of South Korea in 2018, from its 59th position in 1989.
According to a South Korean government official, the ASEAN countries are growing at a fast pace, and they are considered to be young and prominent markets for the future. It is forecast that South Korea's trade with the countries will continue to grow in the future.
The two-day ASEAN-Republic of Korea Commemorative Summit is scheduled to open in the southern port city of Busan on November 25 in celebration of the 30th anniversary of the two sides' dialogue relations.
Recently, the ASEAN members and their dialogue partners -- South Korea, China, Japan, Australia and New Zealand -- reached the Regional Comprehensive Economic Partnership (RCEP) agreement.
(ASIA PACIFIC DAILY)
