Korean Exports to Increase 13 Percent  Writer    관리자  Date     2003-12-22  Visits    862 　 　 　 * Korean Exports to Increase 13 Percent Next Year * Korea's annual exports will increase by 13 percent next year to total $220 billion, but the trade surplus will decline $2.7 billion, or 16 percent, due to concurrently surging imports, the Korea International Trade Association predicted in a report. In its exports projection for next year, KITA said Korea's imports next year will reach $206 billion, or 15.9 percent more than this year, in light of the expected growth in exports and economic recovery at home. The substantial surge in imports, KITA said, would bring down the annual trade surplus to about $14 billion, or $2.7 billion less this year's estimate. As for the projected increase in exports, KITA said exports growth is likely to be more pronounced at 17 percent in the first half, while it will slow to about 10 percent in the second half. KITA forecasted year-on-year gains for most of Korea's key industrial sectors, with higher than 20 percent growth projected for computers, wireless telecommunication devices, industrial machines and automobile parts. KITA also predicted a steady growth in the shipments of semiconductors, petrochemicals, home appliances and cars next year. On the other hand, exports of textiles and steel goods are likely to be stagnant, KITA added. By region, KITA forecast greatest expansion in the Chinese and European Union markets at 24.3 percent and 11.4 percent, respectively, followed by 8.8 percent for the U.S. market. KITA said the increase in imports will be mostly led by capital goods and consumer products, which are expected to surge by 19.9 percent and 18.9 percent, respectively. A KITA official said the favorable trend for exports is likely to stay for a while but added there was some uncertainty that could shake up the situation, including a possible overheating of the Chinese economy. The official suggested that Korea prepare for a downhill by ensuring labor stability and regionalized marketing strategies, as well as developing high value-added products and exclusive brands.        Next : Inchon Port Authority establishment begins