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The South Korean government announced on Feb. 23 that South Korea’s export target for this year is US$685 billion, up 1 percent year on year.
Economic research institutes at home and abroad are somewhat more pessimistic. For example, the estimate of the Korea Development Institute is US$650 billion and that of the Korea Institute for Industrial Economics and Trade is US$671.7 billion.
Exports from South Korea are on the decline for four months and three weeks and its latest trade surplus was in February last year. For the first 51 days of this year, its trade deficit amounted to US$19 billion, the largest since records began in 1956.