South Korea’s trade volume is unlikely to reach one trillion U.S. dollars this year and next year as well.
 
The Bank of Korea (BOK) projected in its recent economic outlook report that the country’s exports and imports would mark 497 billion and 404 billion U.S. dollars, respectively this year, with the trade volume reaching 901 billion dollars.
 
The projected trade volume marks a decrease of six-point-five percent from last year.
 
The central bank forecast that the country’s exports and imports would increase two percent and five-point-five percent, respectively, next year.
 
However, the trade volume was predicted to increase three-point-six percent to 933 billion dollars, failing to reach the one trillion U.S. dollar mark.
 
The country’s annual trade volume surpassed the one trillion U.S. dollar milestone in 2011 for the first time and stayed above the mark until 2014.
 
But it failed to reach the mark last year due to the global economic slowdown, decreasing trade, and falling oil prices.