As the world’s eighth-largest trading country, Korea now needs to acquire a balanced view on trade and appreciate the significance of imports, said the new president of the Korea Importers Association.

“Imports take up almost half of the country’s total trading volume, which has exceeded the $1 trillion level for the past consecutive years,” said Shinn Tae-yong.

“Korea’s trade perspective is still focused on exports only and imports are considered a negative factor, which cuts down on the trade surplus.”

The overall trade growth, however, cannot exist without an active import system, according to the KOIMA president.

“Korea is recording a trade surplus in most of its trade partner states,” he explained.

“These countries, in order to protect their local industries and promote their exports, will tighten regulations on Korean exporters.”

In order to prevent extreme conflict, it is vital to maintain an export-import balance, especially with key trade partners, Shinn said.

“Export-oriented organizations such as the Korea International Trade Association and the Korea Trade-Investment Promotion Agency enjoy ample governmental subsidies, while KOIMA is left with little support,” he added.

“The government should see the big picture and maintain a balance between exports and imports.”

By Bae Hyun-jung (tellme@heraldcorp.com)