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＞ BOARD ＞ NEWS |
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Date : 12-02-14 09:34
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S. Korea’s exports to GCC countries post record $17.3 bn last year
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Writer :
최고관리자
 Hit : 1,692
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[Written by Ha’eun Bang, Maeil Business Newspaper] South Korea’s exports to Gulf Cooperation Council (GCC) member nations hit an all-time high of $17.3 billion last year, based on a report of Institute for International Trade (IIT) under the Korea International Trade Association (KITA) unveiled Tuesday.
The GCC is an economic cooperation organization of six Arab states that are located in the Persian Gulf region and its members include Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Katar, and Bahrain.
Korea’s major export items to the GCC nations included automobiles, heavy construction equipments, heating machines, and steel pipes.
“Construction orders from the GCC nations accounted for 40 percent of the entire construction orders that Korea won from overseas,” the IIT said. “Soaring international crude oil prices boosted the economy in the oil-rich GCC region, thus stimulating consumption and imports in the region”.
Korea’s imports from the GCC nations marked $95.5 billion, and the total trade amount between Korea and the GCC is estimated to have topped $112.8 billion last year.
The GCC emerged as Korea’s second largest trade partner after China, and the region is now more influential than Japan and the US to Korea’s trade, IIT explained.
“In order for Korea to touch off the Middle East boom again in the GCC region, it is essential for businesses to participate in construction projects led by local governments and strategically expand investment in the manufacturing sector to increase commodity and service exports,” an ITT researcher noted.
(February 12, 2012)
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