Surplus seen in trade with Korea

Business

BY MARK HAHUIE
Papua New Guinea enjoyed a trade surplus of US$150 million (K488 million) in its trade with South Korea last year.
Korean Ambassador Kymgu Kang told The National that total trade volume between the two countries in 2017 totalled US$237 million (K772mil) last year.
“Korea is the 10th-largest export destination of PNG and ninth-biggest importer of PNG products,” he said.
“Papua New Guinea is Korea’s largest trading partner among the Pacific Islands countries.
“PNG has always run trade surpluses with Korea except for 2014.”
PNG’s main exports to Korea were mostly copper, petroleum, and fisheries and agricultural products.
Kang said Korea was the seventh-largest importing country of coffee in the world.
Its 50 million population consumed 26.5 billion cups of coffee last year.
The figures indicates that one Korean drank 512 cups of coffee a year.
“I believe that there is huge potential for the two countries to expand their coffee trade down the road,” Kang said.
He also highlighted the needs of an emerging economy like PNG and its “enormous potential for growth” as complementing Korea’s established role as a global leader in technology.
“In this regard, Korea and PNG can be natural partners,” Kang said.
“With its high-end technology and experiences in the construction industries, Korea will possibly contribute to upgrading infrastructure in PNG, thus helping PNG achieve its national development plan.”
PNG could be a reliable exporter of energy resources for Korea, the third-largest LNG-importing country trailing only Japan and China.”
Kang said Korean manufacturing companies produced quality goods like televisions, cell phones and
cars.
He hopes to see more of those in PNG markets.
“The closer our economies are interconnected, the more Korean companies will take interest in investing in PNG, which I believe will flourish our bilateral relations” Kang said.