eu fta helps south korean exports outpace rivals
Last Updated : GMT 09:02:54
Arab Today, arab today
Arab Today, arab today

EU FTA helps South Korean exports outpace rivals

Arab Today, arab today

Arab Today, arab today EU FTA helps South Korean exports outpace rivals

South Korea
seoul - Yonhap

South Korea's free trade pact with the European Union, which went into effect in July 2011, allowed growth of local exports to the giant economic bloc, helping Asia's fourth-largest economy to outpace rivals, a report showed Sunday.
According to data by the Korea International Trade Association (KITA), exports to the EU following the free trade agreement (FTA) consistently did better than those of China, Japan and Taiwan, despite weak demand caused by the recent European financial crisis that hurt trade across the board.
KITA said that in the July 2011 to June 2012 period, outbound shipments surged 18.4 percent on-year, while numbers for rivals stood still or contracted.
In the second year that ran from July 2012 through June of last year, Seoul's exports suffered setbacks as the European continent was rocked by mounting economic uncertainties and some countries tackled their debt issues, but its 0.4 percent on-year contraction was mild compared with losses sustained by others.
Japanese exports were down 10.1 percent, with numbers for China and Taiwan backtracking 1.3 percent and 4.7 percent, respectively.
In the past 12 months, exports grew 4.1 percent from the year before as the EU economies started gaining buoyancy, which is again better than 2.1 percent and 3.8 percent growth posted for China and Taiwan. Japan's exports were down 6.5 percent.
KITA said while exports did well compared with those of neighboring countries, some industries did better than others. Petrochemical shipments grew an average 20 percent each year for the past three years, with sales of automobiles, steel products, textiles, clothing and farm goods all doing well.
It said exports of car parts, machinery and shoes that lost ground initially, are showing signs of recovery.
On the negative side, exports of electronics and petroleum products have struggled.
Of the 28 members in the union, the benefits of the FTA were felt the most in Britain, while shipments to Germany and France have just started to recover recently, after contracting for some time.
"Britain was relatively insulated from the European financial crisis that helped exports," the trade agency said.
It added that outbound shipments to Portugal, Italy, Ireland, Greece and Spain, or the so-called PIIGS countries, have started to pick up pace, after economic reform measures carried out by policymakers have helped stabilize these markets.
The findings, moreover, showed exports to Eastern European countries like Poland, Hungary and the Czech Republic, where South Korean companies set up factories, have not done well in the past few years.
This is mainly due to the fact that economic woes facing many EU nations hurt demand for products made by factories owned by companies that import parts and materials from South Korea.
The latest report then said that South Korean exports to the EU will continue to grow, as the continent shows signs of steady economic recovery.
"EU's economy has grown for four consecutive quarters, with growth expected to reach 1.6 percent for 2014, up from 0.1 percent last year," the trade organization said.
It said the EU Commission, International Monetary Fund and Organization for Economic Cooperation and Development are all predicting growth to continue up till 2015.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

eu fta helps south korean exports outpace rivals eu fta helps south korean exports outpace rivals

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

eu fta helps south korean exports outpace rivals eu fta helps south korean exports outpace rivals

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday