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