New finance minister vows to make S. Korea No. 5 exporter

South Korea’s new finance minister said Friday that the country’s team of new economic ministers will do their best to lay the foundation for helping the country become the world’s fifth-biggest exporter in the near future.

Yoo Il-ho, who took office Wednesday, chose to visit the port of Pyeongtaek, one of the biggest maritime gateways on the west coast, to show his determination in reviving exports.

South Korea was the sixth-biggest exporter in the world last year with $440.1 billion in outbound shipments tallied in the first 10 months of the year, following China, the United States, Germany, Japan and the Netherlands.

But exports, the key economic driver of Asia’s fourth-largest economy, fell for 12 months in a row throughout 2015, raising concerns that the country’s economy is losing steam. 

(khnews@heraldcorp.com)