In all, Korea recorded a trade surplus of $1.9 billion, a decrease of $700 million from the previous year. This decline was largely attributed to soaring oil prices.
MOCIE predicts that the nation's exports are likely to be on the upward trend, citing a steady growth of the global economy and expanding overseas demand for Korean products. However, prospects of increase in oil and raw material prices and further appreciation of the Chinese Yuan may have a negative impact on the nation's exports. Imports are also expected to climb in the coming months due to high oil prices.
MOCIE is the ministry responsible for the real economy, or more specifically the industrial sector (including semi-conductors, automobiles, steel, ship building, textiles and e-commerce), and the energy and resources sector (petroleum, coal, electricity and gas), and finally the commercial sector (including international trade and foreign direct investment).
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
