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Korea’s Achievement of One Trillion Dollars in Trade

Korea's Achievement of One Trillion Dollars in Trade
Korea has become the ninth country in the world to achieve one trillion dollars in trade!

When the Korean government was first established in 1948, the Korean economy was suffering from widespread poverty and underdevelopment, with a trade volume which stood at a mere 230 million dollars. But as the country underwent rapid industrialization from 1962 with emphasis on trade and particularly exports, its trade volume skyrocketed to 1 billion dollars in 1967, 10 billion in 1974, 100 billion in 1988, and just 23 years later, 1 trillion dollars in 2011.

Only eight other countries in the world have accomplished this same feat. Following the industrial revolution which began in the 18th century, the UK reached 1 trillion dollars in trade in 2007, and in comparison, Korea achieved the same outcome within a very short span of 60 years. A country whose exports in the 1960s and 70s were comprised of squid, iron ore, cotton, plywood and other agricultural goods, has evolved into a global leader in high-tech industries including semiconductors, mobile phones, autos and shipbuilding. Achieving 1 trillion dollars in trade, which opens a new horizon of the Korean economy, signifies Korea’s newfound position as a trade power, now capable of making its voice heard in the global economic arena that was previously dominated by advanced nations.

Title: Korea’s Achievement of One Trillion Dollars in Trade
Date of Issue: 7 December 2011
Country: South Korea
Denominations: 270 won

Source: http://www.koreapost.go.kr

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