- International trade balance is systematic statistics based on double-entry bookkeeping that shows all economic transactions of goods and service, including capital made between countries for a certain period of time.
- International trade balance usually indicates surplus or deficit irregularly in accordance with the domestic or international economic circumstances Generally, the current account balance that indicates spot transaction is referred to as international trade balance.
- From the 1960s to the mid 1990s, except the period from 1986 to 1989, our international trade balance was in the red. During 1998-1999, thanks to rapid depreciation of KRW against US$ caused by foreign exchange crisis, a big surplus was created.
- The size of our international trade has grown at a much larger rate than that of the world trade market.
- International trade scale once reached US$134.9 billion in the 1990s sharply grew up to US$478.3bill. or 354% in 2004.
as imports and exports keep growing in total, import & export share of primary industry products keeps lessening on the contrary.
With respect to agricultural, forestry and fishery products, the import far exceeds the export.
- International trade balance
(Unit: US$mil.) Year Export Import trade balance Total(a) agriculture,
forestry,
fishery
prodeucts(B)% Total(C) agriculture,
forestry,
fishery
prodeucts(D)% a-C B-D 1985 30,283 1,543 5.1 31,136 2,511 8.1 ??3 ??8 1990 65,016 2,920 4.5 69,844 5,789 8.3 ??828 ??869 1995 125,058 3,469 2.8 135,119 10,520 7.8 ??,061 ??051 1996 129,715 3,464 2.7 150,339 12,021 8.0 ??,624 ??557 1997 136,164 3,252 2.5 144.616 11,179 7.8 ??452 ??927 1998 132,313 3,004 2.3 93,282 6,991 7.5 39,031 ??987 1999 134,685 3,200 1.4 119,752 8,600 7.2 23,933 ??400 2000 172,268 3,036 1.7 160,481 9,891 6.2 11,787 ??825 2003 193,817 2,989 1.5 178,827 12,182 6.8 14,990 ??193 2004 253,845 2,085 0.8 224,463 11,205 4.9 29,382 ??120 - Recently, overall trade balance has greatly improved. However, agricultural and fishery products are still the major items making a deficit in trade balance due to expansion of open market policy for agricultural and fishery imports.
- Export of agricultural, forestry and fishery products in 2003 is composed of agriculture 52.3% and fishery 37.7%. The major exports were vegetable and tobacco. Pork was also one of the major export items but its export fell greatly due to total discontinuation of export caused by the outbreak of foot-and-mouth disease in 2000.
- In regard to import of agricultural, forestry and fishery products in 2003, agricultural products accounted for 50.9%, and the rest was shared by livestock and poultry, forestry and fishery products in similar level.
- Major imports were corn, flour, bean, beef, material lumber, croakers and scabbard fish. Japan is one of the major countries for our export of agricultural, forestry and fishery products. U.S. is the top importing target of Korea followed by China, australia and Indonesia.
- Recently, import of agricultural products from China is on the rise on a large scale.U.S. and China are the countries where we make a big trade deficit with agricultural, forestry and fishery products.
- The total number of agricultural and livestock import items is 11,261, and of them, 11,245 items are subject to automatic approval for import meaning that the import liberalization rate is 99.9%.
- Export & Import of agriculture, Forestry, Fishery Products
(Unit: US$mil.) 1998 1999 2000 2003 % % % % Export Total(a) 3,047 100.0 3,231 100.0 3,037 100.0 2,989 100.0 agricultural product 1,006 33.0 1,003 31.1 1,133 37.3 1,563 52.2 Livestock product 385 12.6 408 12.6 144 4.7 119 3.9 Forestry product 292 9.6 304 9.4 255 8.4 177 5.9 Fishery product 1,364 44.8 1,516 46.9 1,505 49.6 1,129 37.7 Import Total(B) 7,021 100.0 8,620 100.0 9,862 100.0 12,185 100.0 agricultural product 4,697 66.9 4,681 54.3 5,105 51.8 6,215 50.9 Livestock product 727 10.3 1,245 14.5 1,679 17.0 2,115 17.3 Forestry product 1,015 14.5 1,526 17.7 1,667 16.9 1,892 15.5 Fishery product 852 8.3 1,168 13.5 1,411 14.3 1,964 16.1 a-B ??974 ??389 ??825 ??196
In a misguided attempt to help multiethnic families and their children and to bolster falling birthrates, the Korean government took another small but important step towards reverse ethnic discrimination both as a means to aid multiethnic children as well as encourage more multiethnic unions. According to reports, all "multicultural" children regardless of income will enjoy free daycare services from the government starting next year, the government announced Thursday. About 28,000 multicultural children are expected to benefit. Children between birth and age five will be eligible and under the program, parents will receive a state subsidy to enroll their multicultural child in daycare centers. Currently, only parents who earn less than 2.58 million won are eligible. Korea Times welcomes reverse discrimination While we personally find any form of legalized racial discrimination appalling, the Korea Times newspaper appeared to cheer the decision in an editorial that in...
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