Executive Vice Chairman Han Jin-hyun of the Korea International Trade Association (KITA).

Executive Vice Chairman Han Jin-hyun of the Korea International Trade Association (KITA) called for a paradigm shift for trade growth.

“(Korea must) strive to contribute to creating jobs and enhancing national income by ramping up added values of trade through a wide range of innovation in areas such as export structure, technology development, corporate eco-system, support and support,” he said.

“The Korean trade industry has managed to save its face as a trade powerhouse by logging surpassing $1 trillion in trade volumes for the third consecutive year, but it can be perceived as a solace, but it is possible until this year it has come to has come to a solace. We have to toe the line with a fresh mind,” Han added.

The following are excerpts of a column he contributed to a vernacular economic daily recently. Dec. 5 is the 56th anniversary of Trade Day. “Export Day” was conceived to observe and celebrate the surpassing of $100 million in export volume on Nov. 30, 1964. Export Day changed to Trade Day in 1987, with the goal of promoting a balanced development of exports and imports.

The Trade Day anniversary date changed to Dec. 5 in celebration of topping $1 trillion in trade volume on Dec. 5, 2011. The Korean trade industry has made remarkable achievements amid lots of changes.

Plywood, which was supplied to U.N. forces for the first time in 1957, became the nation’s mainstay export item until the mid-1970s.

Korean-made wigs conquered the world by defeating Taiwan as demand for wigs exploded among Hollywood actors on the back of the booming of the United States economy.

A Korean garment company was honored for exporting $100 million worth of products.

Also, deep-sea fishing operations, footwear, toys and soaps maintained high standing, equivalent to today’s semiconductor and petrochemical businesses.

However, the days when there was a seller’s market, in which other countries would buy up Korean goods as fast as they were produced in Korea, are long gone.

Global trade logged the lowest growth rate following the global financial crisis in 2008.

Now the global economy is stuck with the dark shadow of doom, compounded by the U.S.-Chinese trade conflict, Brexit and geopolitical risks of Hong Kong and the Middle East.

Last summer, Japan abruptly imposed export curbs on Korea, putting Korean companies on alert.

The global economy is struggling to cope with China’s rise, the deepening of protectionist trade moves, and slowing transactions by global intermediate items, caused by the shaking up of global value chains.

These events have delivered a blow to Korea, which has been deeply involved in a global supply network under the cause of free trade.

As many developing countries increase their own supply and purchase capabilities, transactions of immediate goods among developing countries are on a sharp rise, and developing countries are increasingly becoming end users.

It means that a growth model depending on China for general-use exports no longer works.

(Korea has to) commit to a paradigm shift for trade growth, including striving for contributes to job creation and enhancing national income by ramping up the added value of trade through a wide range of innovation in areas such as export structure, technology development, corporate ecosystems, and support.

The Korean trade industry has managed to save face as a trade powerhouse by surpassing $1 trillion in trade value for the third consecutive year. We must toe the line with a fresh mindset.

A view of Korea International Trade Association headquarters in Samseong-dong, Seoul. (Photos: KITA)