S. Korea Fails to Reach $1tr Trade

The Korea International Trade Association estimated that South Korea's trade volume will amount to 901 billion US dollars this year. 
As a result, for the second straight year this year South Korea will most likely fail to achieve the milestone of one-trillion US dollars in trade volume, according to Korea's (KBS WORLD) radio news. 
The association projected annual exports will fall 5.6% to post minus growth for the second consecutive for the first time in 58 years. 
South Korea's global ranking in terms of export volume is expected to slide from sixth to eighth. 
The projections came as the nation marked its 53rd Trade Day on Monday. 
For the first time since 2002, no company this year is expected to receive the annual "Ten-billion Dollar Export Tower Award," given in recognition for surpassing the trade volume for the first time. 
Poor performance apparently results from the global economic recession and the economic slump in emerging economies which are South Korea's key export destinations. 
Next year, trade conditions are expected to get worse amid moves by countries around the world to boost protectionism.