Korea-ASEAN trade up

Korea-ASEAN trade up

SEOUL (AFP): The Association of Southeast Asian Nations (ASEAN) displaced the European Union (EU) as South Korea's third largest overseas market last year after the United States and Japan, trade officials said yesterday.

The Trade and Industry Ministry said South Korean exports to the ASEAN jumped 22.1 percent last year to US$11.4 billion, compared with the EU's $10.6 billion.

The ASEAN has become South Korea's major market for electronics and machinery, thanks to brisk economic activities there, the ministry said, calling for closer economic and trade ties with Asian nations.

ASEAN groups Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.

The United States topped the list with $20.5 billion, followed by Japan's $13.5 billion, the ministry said.

In 1994, South Korea imported $7.7 billion worth of commodities from ASEAN members and 10.3 billion dollars from the EU, it said.

Imports from Japan and the United States were listed at $25.3 billion and $21.5 billion respectively.