Korea’s service trade export amount is low

Korea's service trade export amount is low

According to the Korea Institute of Modern Economic Research on the 13th news, as of the third quarter of last year, South Korea’s trade in services exports accounted for 15.1% of total exports, OECD countries, the average value of 29.2% South Korea’s trade in services accounts for less than half the OECD average. In 2014, the export volume of Korean trade in services was US $ 111.1 billion.

In recent years, the growth rate of Korean trade in services has been slowing down. In 2010-2014, the average annual growth rate of Korean trade in services was 7.7%, down by 2.1 percentage points from the average annual growth rate of 9.8% in 2006-2010. The same period, OECD countries, the average value from 6.3% to 6.1%, down only 0.2 percentage points.

From the industrial point of view, the transport and construction industries accounted for a larger share of Korea’s overall trade in services. The proportion of exports of related industries such as information and communication (ICT) accounted for 29.7%, which was very different from the OECD average (43.3%) The

South Korea’s trade in services developed after 1980, and the development of trade in goods was relatively early. And because of South Korea’s policy reasons, trade in services relative to the development of goods trade has been lagging behind. According to UNCTAD, the import and export volume of Korean trade in services in 2008 was US $ 221.174 billion, slightly higher than that in 2013, with imports of US $ 115.018 billion, an increase of 3% from 2013 and US $ 106.855 billion An increase of 4.34%, South Korea’s trade surplus of $ 8.163 billion.

South Korea as a developed country ratio is relatively low, before 2008 has been less than 2%, after 2008 has improved, but the overall is basically maintained at around 2%. From the table in the overall proportion of developed countries can also be seen, South Korea’s service trade competitiveness of the situation.

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