South Korean steel exports record rise

South Korean steel exports record rise

South Korea's exports of steel products showed an upward trend this year due to the strong demand from China. In the first ten months of the year, domestic companies exported overseas $10.6 billion worth of steel products, according to the statement made by the Korea Iron and Steel Association. This is the first time steel exports exceed $10 billion. The association expects country's total steel exports to reach around $13 billion this year with a rise of 43.6% compared to last year. South Korea's imports of steel products amounted to $12.4 billion in Jan-Oct 2004 period. This figure is expected to grow to $16.3 billion until the end of the year with a 77% rise from a year earlier. The country's total exports are likely to amount 15.4 million tons next year, indicating a rise of 1.3% compared to 15.2 million tons estimated for this year. On the other hand, domestic demand for steel imports will decline next year due to local construction activities, which is expected to slow down next year. Steel product imports are expected to reach 16.5 million tons in 2005 with a decline of 4.8% compared to 17.3 million tons estimated for this year.