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.