1

1IPE-K 2013.03.29IPE-K: Trends in Trade and FDI

*Some parts of this note are borrowed from references for teaching purpose only. Semester: Spring 2013 Time: Friday 9:00~12:00 am Class Room: No. 322 Professor: Yoo Soo Hong Office Hour: By appointment Mobile: 010-4001-8060 E-mail: yshong123@gmail.com Home P.: //yoosoohong.weebly.com 2TradeMajor Economic Indicator2006200720082009e2010fGDP (100 million dollar)9,51810,4929,3148,32510,124GDP per capita (dollar)19,53021,42018,93016,86020,450Economic growth (%)5.25.2.30.25.9Unemployment rate (%) Consumer price inflation (%)2.22.54.72.83.1Exchange rate (W/dollar)945929.31,102.01,276.91,129.6Current account balance (million dollar)5,3855,876-5,77842,66835,253Export (million dollar)331,842379,045432,922373,585459,803Import (million dollar)303,938350,877427,254317,457415,024Foreign reserve (million dollar)238,882262,150201,145269,933 Debt balance/GDP (%)27.536.241.042.336.1Source: Korea Eximbank Overseas Economic Research Institute. 2010. 2010 World Country Review 3The Korean Economy: past and presentYEAR 1961(a) 2008(b)(b)/(a) GDP $ 2.3 Billion $ 928.7 B403 GNI P/C $ 87 $ 19,231 221 Export $ 55 Million $ 422.0 B7,672 Import $ 390 M $ 435.3 B1,11644LG Electronics, Samsung Electronics 22.3 (1)Air-conditionersSamsung Electronics, LG Electronics. 14.3 (1)RefrigeratorsHyundai Heavy Industries,Doosan Engine Co.,STX Heavy Industries 59.6 (1)Large diesel engines for shipsHyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co. 80.0 (1)LNG carriersHyundai-Kia Motors, GM Daewoo9.8 (4)AutomobilesSamsung Electronics, LG.Philips LCD 46.5 (1)TFT-LCDsSamsung Electronics,Hynix Semiconductor 49 (1)SemiconductorsCompanyWorld market share% (Rank)Product

Petrochemical productsLG Chem, SK 45 (1)Industrial Power of Korea55Developments in Koreas Trade Liberalization PolicyFive measures of trade liberalization

Reduction of tariff barriersElimination of quantitative restrictions Major items: live cattle and beef productsProhibition of trade-related subsidiesEnhancement of transparency in import certification procedures Customs services, IT-based clearance system, a new audit system- Establishment of FTAs

6Trends in Trade ExportImport BalanceValueInc. RateValueInc. Rate Value2002 162,470,5288.0152,126,1537.810,344,3752003 193,817,44319.3178,826,65717.614,990,7862004 253,844,67231.0224,462,68725.529,381,9852005 284,418,74312.0261,238,26416.423,180,4792006 325,464,84814.4309,382,63218.416,082,2162007 371,489,08614.1356,845,73315.314,643,3522008 422,007,32813.6435,274,73722.0-13,267,4092009 363,533,561-13.9323,084,521-25.840,449,0402010(Jan~Sep) 338,628,51230.5309,574,05734.529,054,4557(billion $)Source: KITA (Korea International Trade Association). Trends in Exports and Imports of Korea

Million USD

Koreas per capita Export Volume: $5,287- larger than Japan($4,712) and the US($2,824)9Koreas Trade Volume9Export Similarity Index

1010Foreign Reserves (As of June 2007)Source: US Department of the Treasury/Federal Reserve BoardForeign Reserves are as of July 2007, US Treasuries held are as of June 2007.Offshore holdings include UK, Carib banking, and Luxembourg

11Top Ten Trading Partners (2008)RankExportsRankImportsCountryValue($ Mil.)Share to Total(%)CountryValue($ Mil.)Share to Total(%)1China91,38921.71China76,93017.72USA46,38911.02Japan60,95614.03Japan28,2526.73USA38,3658.84Hong Kong19,7724.74Saudi Arabia33,7817.85Taiwan16,2933.95Germany19,2484.46Singapore11,4622.76Australia18,0004.17Germany10,5232.57UAE14,7693.48Russia9,7482.38Taiwan14,3753.39Mexico9,0902.29Indonesia12,1292.810UK8,9772.110Kuwait11,3202.6Source: Korea International Trade Association12 Top Ten Export Items & Top Five Markets (2008)ValueTop Five Markets(Component Ratio)No.1No.2No.3No.4No.5Vessel, Ocean Structure and Part of Vessel43,157PanamaMarshallsSingaporeGermanyLiberiaArticles of Petroleum37,573ChinaSingaporeJapanNetherlandsHong KongWireless Communication Apparatus35,713USAChinaHong KongFinlandFranceAutomobile35,032USARussiaCanadaSaudi ArabiaBrazilSemiconductors32,793ChinaHong KongTaiwanSingaporeJapanFlat Display and Sensor18,732ChinaMexicoSlovakJapanUSASteel Flate-rolled Products15,948ChinaJapanUSAIndiaThailandSynthetic Resin14,909ChinaHong KongJapanRussiaVietnamPart of Automobile13,950USAChinaIndiaRussiaSlovakComputer10,697ChinaUSAHong KongGermanyJapanSource: Korea International Trade Association ($ Mil., %)13Top Ten Import Items & Top Five Markets (2008)ValueTop Five Markets(Component Ratio)No.1No.2No.3No.4No.5Crude Petroleum85,855Saudi ArabiaUAEKuwaitIranQatarSemiconductors

32,018ChinaJapanSingaporeTaiwanUSANatural Gas19,806QatarOmanMalaysiaIndonesiaGuineaArticles of Petroleum

17,534IndiaSaudi ArabiaUAEKuwaitIndonesiaSteel Flate-rolled Products

17,203ChinaJapanTaiwanFranceSwedenCoal12,810AustraliaChinaIndonesiaCanadaRussiaComputer

9,723ChinaTaiwanJapanUSASingaporeAlloy Iron, Pig Iron or Scrap Iron7,960JapanUSARussiaChinaSouth AfricaFine Chemical Material6,879ChinaJapanUSABelgiumGermanyArticles of Copper6,228ChileJapanPhilippinesChinaUSASource: Korea International Trade Association ($ Mil., %)14

Starting and Ending Point of trans-continental railwayLocated at the center of NEA between China and JapanLocated on the trade route connectingEurope, Asia, North AmericaGeographical Location1515

NEA is emerging as a major economic bloc alongside EU and North AmericaChinaJAPANKOREAThirdargest economy in GDPAccessibility to the NEA Market-25% of World Population-20% of World GDP-30% of World Cargo Volume

Worlds largest manufacturing base Second largest economy and fastest growing consumer market in the world1616. World Trade Environment and Direction Global Economic Environment - Profound Change in the Elements that Constitute Value and Competitiveness

20th century - Value: Productivity Based on Input of Labor - Competitive Elements: Material Capital

21st century - Value: Productivity Based on Promoting - Creativity and Quality of Labor - Competitive Elements: information and Knowledge

1717As we are well aware, todays global trade and economic environment has undergone change at a speed and of a kind never before experienced. In connection with these changes, I would like to suggest there are three distinctive characteristics.

Firstly, there has been a profound change in the elements that constitute value and competitiveness. The value that dominated last centurys global economy and trade was productivity per time unit based on a quantitative input of labor. In this century, improving productivity is more a question of promoting creativity and the quality of labor.

The prime competitive elements of the past were material capital and the capability to mass produce. Today, however, information, knowledge and creativity are emerging as core competitive elements. The creation of synergy via a construction of networks rather than individual efforts has become a major factor in achieving competitiveness.

The Era of Borderless Competition - Policies are standardized - Most debated economic issues: Globalization vs. Regional Economic Blocs

Digitalized & Knowledge-Based Economy - Knowledge becomes the major source of added value - Change in industrial structure from manufacturing to new industries such as IT Unique IdentityOver 66,000 trading companies as membersFunction in close relations with MKE (Government)

HistoryEstablished in 1946

RoleInternational Trade & Investment PromotionResearch in Koreas Trade policy & StrategyExhibition & Conventione-Trade PromotionIT/Trade EducationHub of Northeast Asian Logistics

About KITA1920 Korea has adhered to multilateralism because its trade relations were diversified. Before the1990s, most FTAs aimed for market access through alleviation and elimination of trade barriers. Recent FTAs, which include service, investment, intellectual property rights, and government procurement, aim at being comprehensive. FTAs are promoted not between neighboring countries but between countries in other regions. Characteristics of Recent FTAs21Korea's Exports MarketsSource: KIEPConsideration for Selection of FTA PartnersStandardsDetailsEconomic benefitsGDP, TradeEconomic costsRestructuring costsOpportunity costsPolitical and diplomatic motivations

National security, diplomatic needsUsage of Leverage effectOthersMotivate to improve a domestic systemInterests of FTA partnersFaithful execution of agreementsFDI22Overview of FDI in KoreaKoreas Development Model before Asian Financial Crisis

- Foreign loan-based financing for investment requirements far greater than domestic saving- Little reliance on FDI and foreign licensing to cultivate indigenous capability through reverse engineering of imported capital, parts, and finished goods, etc.- Sharp contrast to FDI-led industrialization models as in case of Malaysia and other developing nationsOne of the lowest in the world in terms of FDI/GDP ratioWhy Korea was reluctant to invite FDI?23International Comparison of Inbound FDIInflow of FDI/Total FixedCapital Formation ( %)Inward Stock of FDI as aPercentage of GDP200420052006200420052006Developed Economies6.69.3 11.8 8.2 16.424.2Developing Economies12.912.613.89.625.6 26.7EU8.118.2 18.1 10.526.038.0UK16.152.9 33.920.630.447.8US6.2 4.96.86.812.8 13.5Netherlands1.8 34.13.322.463.1 68.2Africa12.617.819.6 11.7 25.529.5Asia10.311.3 12.9 9.1 26.524.9Latin America17.0 15.3 12.9 9.121.126.6China8.08.88.05.417.911.1Hong Kong96.490.4 103.9 58.6269.9405.7Malaysia19.115.220.123.458.436.0Korea4.53.01.92.07.48.0Singapore77.557.679.582.6121.5159.0Thailand14.017.516.59.724.433.0Source: UNCTAD, World Investment Report 200724Recent Inflows of Foreign Direct Investment to Korea(Unit: million US dollar) Source: Statistics Korea. 2011.

25Foreign Direct Investment by CountryTotalJapanUSAEUOthers200015,2502,4522,9214,4235,454200111,2867763,8863,0523,57220029,0931,4044,4911,6801,51820036,4695401,2423,0461,623200412,7922,2584,7183,0091,807200511,5631,8792,6904,7812,214200611,2332,1081,7014,9772,447200710,5149902,3404,3322,852200811,7051,4231,3286,3332,621Source: Ministry of Knowledge Economy($ Mil.)26Koreas Shift to Proactive FDI Regime The Asian financial crisis provided "strong motivation" to attract FDI - Asian financial crisis in 1997/8 has enforced Korea to switch to proactive inducement of to overcome foreign exchange crisis under IMF conditionality

Actively joining WTO regime and FTA

To enable Korea as a regional business hub from the perspectives of logistics, finance and R&D2728Koreas FDI Inducement

Industrializing Period

Korea emphasized the promotion of absorptive capacity and the indigenization of foreign technology, while restricting both FDI and foreign licensing.

Korean firms assimilated imported embodied technology rapidly and achieved subsequent expansion while upgrading industrial structure to emerge as global brands (e.g. Samsung, Hyundai, and LG) from an agrarian economy in just three decades.

Korea relied heavily on foreign borrowing to finance its investment requirements and thus Koreas FDI played only a marginal role in its rapid industrialization process. One of the lowest in the world even after adopting a more proactive FDI regime.

29After the Asian Financial Crisis in 1997/98

Korea was forced to pursue FDI-friendly policy initiatives in order to fulfill the conditionality of the IMF in exchange for standby credit.

Korean policy makers have acclimated to the global economy by welcoming greenfield investment and M&As to promote investment activities leading to the development of a more competitive economy.

Domestic investment sharply declined in 2000s while outbound FDI exceeded inbound FDI as pervasive globalization affecting the world economy.

Policy direction shifted from conventional loan-based borrowing to an FDI-based development strategy necessary to establish a system capable of inducing new FDI and providing effective aftercare services.

Korea has been active in attracting foreign investment by setting up comprehensive service institutions to provide one-stop services.

However, still the record of F into Korea is not impressive.

30FDI Incentive Track in Korea

31Results of Koreas Aggressive FDI Inducement PolicyInbound FDI notifications for 2007 recorded US$10.5 billion (marked the 4th consecutive year in which notifications reached or exceeded the US$10 billion). As Koreas inbound FDI increases during the decade since the Asian financial crisis, outbound FDI has also risen sharply as Korean companies take advantage of rapid globalization and subsequent supply chain expansion.

Koreas Overall Inbound FDI Trends

32Recently, the EU has been the largest source of Korean inbound FDI, contributing more than 40% of total arrived FDI.

Koreas Inward FDI by Country of Origin

33FDI-Friendly Regime: Actions and Challenges

Minimizing Negative Sentiment

Korea needs to recognize that many foreign companies have pointed out as some of Koreas most serious negative factors the unlawful and occasionally militant labor movements in addition to the already comparatively high wage levels amongst Asian countries.

It also needs to supplement its FDI policy to function in a liberalized global trade environment.

Improving Absorptive Capacity

Changing the investment environment should be to improve domestic economic absorptive capacity for FDI in order to select and attract transnational companies that can significantly help Korea remain competitive in a global market place. Needs to upgrade its overall FDI-friendly economic environment.

34FSA and CSA

Korea should realize that inward and outward FDI is closely related through the dynamic process of MNCs upgrading CSA (Country Specific Advantage) and FSA (Firm-Specific Advantage) by accelerating production fragmentation and supply chains.

Thus, the Korean government needs to design policy measures effective for attracting foreign MNCs with FSAs of high quality.

Application of Rugmans FSA-CSA Matrix

35Increasing Transparency of Laws and Systems

Korea must increase transparency of laws and systems in relation to FDI. Industrial clustering as contained in the Koreas business hub strategy is a highly effective way to attract desired and selective FDI.

Making central and local government agencies incentive system more consistent to achieve global standards by doing away with tax and non-tax barriers is important.

Considering how to improve communication channels between the government and transnational companies is also crucial.

Investment Liberalization and Promotion Inward Investment Liberalization Policy - After the financial crisis of 1997, extensive government liberalization of FDI. Full liberalization of the real estate sector Allowance of hostile M&As by foreign companies Simplification of the FDI approval process -Procedures revised from a process of report and approval to notification. Simplification of administrative procedures -Establishment of INVEST KOREA (IK), a one-stop agency for foreign investors, and the Office of the Investment Ombudsman Expanding the range of incentives available to foreign investors -Tax exemptions and reductions, reduction of rental fees on government-owned factory sites and a range of subsidies36

Free Economic Zone (FEZ)FEZ : Free Economic ZoneFTZ : Free Trade Zone Distripark PORTIndustrial ParkASupport FunctionsIndustrial ParkBIndustrial ParkNFree Trade Zone (FTZ)37Concepts of the FEZ and FTZ

37The government designated 3 Free Economic Zones in 2003 based on the FEZ Special Act to promote foreign investment.In a Free Economic Zone, foreign investors will enjoy exceptional investment incentives and high quality living environment. A Free Trade Zone or FTZ is a type of bonded area where companies doing logistics,manufacturing, and distribution activities can get favorable tax and customs duty incentives. In the slide, you can see the general relationship between the FEZ and FTZ.

IksanGunsanIncheon FEZIncheon International AirportIncheon PortMasanGwangyang Bay Area FEZGwangyang PortBusan-Jinhae FEZFree Economic Zone Free Trade Zone 38Locations of FEZs and FTZs38You are looking at the locations of FEZs and FTZs. There are three FEZs in Korea- in Incheon, Busan, and Gwangyang.. And 7 FTZs , 4 of which are located in the FEZs.

Gwangyang

Gwangyang FEZ NEA maritime transshipment hub Industrial clusters for oil and steel businesses Busan

Busan-Jinhae FEZ maritime logistics hub manufacturing & industrial parks, R&D

IncheonIncheon FEZSongdo YeongjongCheongna IT, BT, international businessair logistics, tourism, IBCleisure, intl finance39Development Plans of the FEZs 39Now let me briefly explain the development plans of the three FEZs. All three areas have strong infrastructure and are well equipped with international airports and ports which are easily accessible to large neighboring markets. Under the governments plan, Incheon FEZ will be developed to become the air logistics hub of Northeast Asia. Busan-Jinhae FEZ to become the maritime logistics hub and Gwangyang FEZ to become the maritime transshipment hub covering Northeast Asia.40ODI41Outward FDI (ODI)- Korea has become one of the main providers of FDI in Asia- Big investor in China

- There are diverse motives for Koreas outward FDI - Market access, export base, natural resources, low production cost, etc.

- Asia (in particular, Southeast Asia) received more Koreas FDI compared to other region.

- Most of the investment has been in manufacturing.

- Large enterprises led continuously Koreas FDI outflow in most of the industries. SMEs and individuals come second and third, respectively42Pattern of Korean FDI in Abroad Koreas ODI Trends

Source: Korea Export-Import Bank. 2007 43Pattern of Korean FDI in AbroadFDI by RegionSource: Korea Export-Import Bank. 2007

44Pattern of Korean FDI in AbroadFDI by Industry ($Million)

45Pattern of Korean FDI in AbroadFDI by Company Size

Source: Korea Export-Import Bank. 2007 Source: Korea Eximbank. Overseas Investment statistics . 2012.Trends in Overseas Investment

Source: Korea Eximbank. Foreign Investment statistics. 2012.Trends in Overseas Investment(Unit: US dollar) Koreas Overseas Investment by Region (2012)Source: Korea Eximbank. Overseas Investment statistics. 2012.(Unit: 1000 US dollar) Koreas Overseas Investment by Country (2012)Source: Korea Eximbank. Overseas Investment statistics. 2012.(Unit: 1000 US dollar) Koreas Overseas Investment by Industry (2012)Source: Korea Eximbank. Overseas Investment statistics. 2012.(Unit: 1000 US dollar) 51Koreas ODI in ASIATrend of Koreas ODI in Asia Source: Korea Export-Import Bank. 2007

52ODI by Major Destination in the World

Koreas ODI in ASIA53Motivation of Korean ODI by periodMotivation of Koreas ODI in Asia 1968~19931994 ~19961997~2001After 2002Securing or developing local or third-country markets28.950.252.4 47.1Utilizing local labor costs14.737.230.338.5Avoiding trade barriers 1.7 2.5 2.3 3.1Securing raw materials 3.8 4.8 3.9 4.4Acquiring advanced technology or management know-how1.1 2.6 7.7 4.1Developing natural resources49.9 2.7 3.3 2.8(percent)Source: The Export-Import Bank of Korea (2004). Lee, S.B. (2006)

54

- On per project basis, Singapore leads Koreas outward FDI55

56

57Outward FDI Policy Loan programs - Loan program under the Export-Import Bank of Korea to finance OFDI: up to 80% of the total OFDI amount - Loan program under the International Economic Cooperation Fund initiated by the Korean government: applicable to OFDI in developing countries with long-term return periods

Information provisions - Agencies: Export-Import Bank of Korea and the Korea Trade and Investment Promotion Agency

Reduction of non-commercial risks- Korean Export Insurance Corporation offers export insurance to investors to reduce non-commercial risks, such as losses from war, nationalization, etc.- Korean government signed Investment Protection Agreements with more than 80 countries, and tax treaties with more than 70 countries

58US Assessment of KOR-US FTAThe long anticipated Korea-U.S. Free Trade Agreement (KORUS-FTA) will beimplemented on March 15, 2012 becoming our nations largest FTA since NAFTA. The agreement has the potential to increase U.S. exports to Korea by approximately USD 10-12 billion, and it will be especially beneficial for U.S. SMEs. In 2009, nearly 18,000 SMEs exported some USD 8.4 billion worth of merchandise to Korea.

Total 2011 U.S.-Korea trade exceeded USD 100 billion for the first time ever. U.S.exports reached an all time high of USD 43.505 billion. U.S. exports increased 12%over 2010 levels.

Korea is the United States seventh largest trading partner. The U.S. is the third largest exporter to Korea with a 9 percent market share. Key competitors include China with 16.8 percent, Japan with 15.3 percent, and the EUs 27 nations with 10%. With the EU having already implemented its FTA with Korea, U.S. firms will now again be in a stronger competitive situation following KORUS implementation. (Chinas trade reflects significant re-export activity.)

- US Commercial Service5959References Lee, Seong-Bong. 2007. Koreas New Trade and Outward FDI Policies: Facilitating the Presence of Korean SMEs in Regional and Global Markets. Korea Institute for International Economic Policy.

Ahn, Choong Yong. 2008. New Direction Of Koreas Foreign Direct Investment Policy In The Multi-track FTA Era: Inducement And Aftercare Services. OECD Global Forum on International Investment.

Ernst & Young. 2012.South korea Highlights. (PDF. Google).

Korea International Logistics Council. Recent Year. Invest in Korea as the Gateway to northeast Asia. (PPT. Google). KOTRA. 2012. US-Korea FTA: Unlocking Opportunities in Korea. (PPT. Google).

US Commercial Service. 2012. Doing Business in Korea. (PDF. Google).

60Chart111940419648351983197017505222911980650166984319901250581351181995286000261000200532546530938320063714893568462007

Total ExportTotal Import

Sheet119641970198019901995200520062007Total Export1198351750565016125058286000325465371489Total Import40419832229169843135118261000309383356846

Sheet1

Total ExportTotal Import

Chart61333405.1932612.3261.3757.5254.83967.7416.16614.722912.8126.633137.07960.567.062United States85.216190.1Oil Exporters122.3Offshore326.2

Foreign ReservesUS Treasuries heldUS $, Billions

U.S. Debt 2006US Public Debtwww.publicdebt.treas.gov/opd/opdhisto4.htmwww.fms.treas.gov/bulletin/b2006-4fd.doc12/30/068680224380086.18TABLE FD-2.Debt Held by the Public9/30/05$7,932,709,661,723.50[In millions of dollars. Source: Monthly Statement of the Public Debt of the United States]9/30/04$7,379,052,696,330.32End of fiscalTotal public debt securities outstandingMarketable9/30/03$6,783,231,062,743.62year or month-1TotalBillsNotesBondsTreasury-79/30/02$6,228,235,965,597.16-2-3-4-5inflation-protected securities9/30/01$5,807,463,412,200.06-69/30/00$5,674,178,209,886.869/30/995,656,270,901,615.4320023,553,1803,121,357868,2201,521,572592,695138,870431,8239/30/985,526,193,008,897.6220033,924,0903,460,330918,1961,799,424576,590166,120463,7609/30/975,413,146,011,397.3420044,307,3453,845,855961,4492,109,494551,904223,008461,4909/30/965,224,810,939,135.7320054,601,2394,066,053910,3232,328,213520,507307,011535,1869/29/954,973,982,900,709.3920064,843,1214,283,804908,4742,445,307534,473395,550559,3179/30/944,692,749,910,013.329/30/934,411,488,883,139.38Nonmarketable, con.9/30/924,064,620,655,521.66End of fiscalU.S. savings securitiesDepositaryForeign seriesGovernmentState and local government seriesDomesticOther9/30/913,665,303,351,697.03year or month-8compensation-10account series-12series-149/28/903,233,313,451,777.25securities-11-139/29/892,857,430,960,187.32-99/30/882,602,337,712,041.169/30/872,350,276,890,953.002002193,312-12,51947,605144,28629,9954,1079/30/862,125,302,616,658.422003201,56114,99111,00753,463148,36629,9954,37712/31/851,945,941,616,459.882004204,201-5,88158,528158,21429,9954,66912/31/841,662,966,000,000.00*2005203,645-3,08667,961225,28329,9955,21412/31/831,410,702,000,000.00*2006203,656-2,98678,129238,83529,9955,71512/31/821,197,073,000,000.00*12/31/811,028,729,000,000.00*TABLE FD-3.Government Account Series12/31/80930,210,000,000.00*[In millions of dollars. Source: Monthly Statement of the Public Debt of the United States]12/31/79845,116,000,000.00*TotalAirport andDeposit Insurance FundEmployees Life Insurance FundExchange Stabili-zation FundFederal Disability Insurance Trust FundFederal employees retirement fundsFederal Hospital Insurance Trust FundFederal Housing Adminis-trationFederal12/29/78789,207,000,000.00*-1Airway-3-4-5-6-7-8-9Old-Age and Survivors Insurance Trust Fund12/30/77718,943,000,000.00*Trust Fund-1012/31/76653,544,000,000.00*End of fiscal year or month-212/31/75576,649,000,000.00*12/31/74492,665,000,000.00*20022,707,29510,99730,54225,3509,717155,256570,168228,90621,2511,173,75912/31/73469,898,039,554.7020032,912,21610,51831,05426,77810,502170,762613,718251,30723,8231,313,42712/29/72449,298,066,119.0020043,129,9909,89232,08928,10710,319182,769631,749264,37523,3251,452,59912/31/71424,130,961,959.9520053,380,60510,04732,73329,48515,238193,263660,109277,26822,6461,616,15912/31/70389,158,403,690.2620063,722,7477,89346,21631,28215,711202,178689,812302,18622,0361,793,12912/31/69368,225,581,254.4112/31/68358,028,625,002.9112/29/67344,663,009,745.18End of fiscal year or monthFederal Savings and LoanFederal Supplemen-tary Medical Insurance Trust FundHighway Trust FundNational Service LifePostal Service FundRailroad Retirement AccountTreasury deposit fundsUnemploy-Other12/30/66329,319,249,366.68Corporation, Resolution Fund-12-13Insurance Fund-15-16-17ment Trust-1912/31/65320,904,110,042.04-11-14Fund12/31/64317,940,472,718.38-1812/31/63309,346,845,059.1712/31/62303,470,080,489.2720022,80038,80418,84011,4651,43023,383-68,265316,36212/29/61296,168,761,214.9220032,96324,84913,57811,2462,651503-48,188356,34912/30/60290,216,815,241.6820043,01317,43910,21210,9491,283627-45,239406,00412/31/59290,797,771,717.6320053,12317,2048,27110,5971,218570-54,806427,86812/31/58282,922,423,583.8720063,02933,06110,99810,1894,233477-66,213484,10412/31/57274,897,784,290.7212/31/56276,627,527,996.1112/30/55280,768,553,188.9612/31/54278,749,814,391.3312/31/53275,168,120,129.396/30/53266,071,061,638.576/30/52259,105,178,785.436/29/51255,221,976,814.936/30/50257,357,352,351.04

www.publicdebt.treas.gov/opd/opdhisto4.htmwww.fms.treas.gov/bulletin/b2006-4fd.doc

Foreign Reserves by CountryForeign ReservesUS Treasuries heldForeign ReservesUS Treasuries heldMay-06Nov-06China1100.0346.5China1333.0405.1Japan842.8637.4Japan932.0612.3China 1.2 BTaiwan260.963.2Taiwan261.457.5Korea224.767.7Korea254.867.7Russian Federation153.3Russian Federation416.214.7India139.2India229.012.8Singapore126.630.3Singapore126.633Hong Kong135.051Hong Kong137.160.5United States40.9United States67.1Germany37.252.1United Kingdom85.2190.1United Kingdom223.5Oil Exporters122.3Oil Exporters97.1Offshore326.2Offshore102.7Jul-07Jun-07Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Algeria Gabon, Libia and NigeriaAlso: http://www.imf.org/external/np/sta/ir/8802.pdfhttp://en.wikipedia.org/wiki/Foreign_exchange_reserveshttp://www.treas.gov/tic/mfh.txt

Foreign Reserves by Country

US$ BillionsForeign Reserves, May 2006

Sheet3

Foreign ReservesUS Treasuries heldUS $, Billions

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES(in billions of dollars)HOLDINGS 1/ AT END OF PERIODJun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul JunCountry 2007 2007 2007 2007 2007 2007 2006 2006 2006 2006 2006 2006 2006------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------Japan 612.3 615.2 614.8 611.6 616.5 627.4 622.9 615.9 618.1 618.1 623.5 614.9 614.7China, Mainland 405.1 407.4 414.0 419.8 415.9 400.9 396.9 393.8 392.2 389.7 386.5 378.2 372.3United Kingdom 2/ 190.1 167.6 134.5 147.0 122.0 103.3 92.6 76.1 61.6 61.6 54.6 44.3 55.5Oil Exporters 3/ 122.3 121.3 112.2 112.7 110.8 111.8 110.2 106.4 107.2 113.7 116.6 112.4 110.8Brazil 93.6 81.6 79.7 69.7 60.7 53.7 52.1 51.0 46.4 44.9 43.1 31.7 33.3Luxembourg 62.5 62.1 61.8 61.8 59.8 59.4 60.0 60.5 59.5 58.7 58.4 59.4 58.8Hong Kong 60.5 58.7 56.4 58.5 57.4 54.7 54.0 51.1 50.6 49.7 50.7 48.9 48.8Taiwan 57.5 57.4 59.3 58.2 57.6 59.4 59.4 59.5 60.8 61.3 61.9 63.0 63.4Korea 50.0 52.1 54.1 57.9 56.9 62.3 66.7 64.5 65.7 65.7 63.4 65.1 65.6Carib Bnkng Ctrs 4/ 49.1 48.0 76.5 80.9 66.1 68.3 72.3 87.2 72.7 69.5 79.6 85.8 73.6Germany 48.3 51.4 49.7 47.6 47.8 49.7 46.0 45.6 46.1 46.3 44.7 43.2 41.8Mexico 36.6 35.5 35.5 35.3 35.0 36.6 34.9 38.6 40.5 40.4 40.3 46.2 46.2Singapore 33.0 34.4 32.1 28.8 31.2 29.9 31.3 30.9 31.1 34.0 34.7 35.0 35.2Switzerland 32.2 31.9 32.3 32.9 32.7 33.8 34.3 35.6 36.9 37.0 38.1 38.2 37.8Canada 29.3 33.0 29.3 31.1 29.8 28.1 26.9 27.2 28.9 28.8 28.3 21.6 21.5Turkey 27.1 27.0 26.2 27.6 25.4 25.0 23.0 23.4 22.3 23.6 24.0 22.5 19.8Netherlands 21.5 20.2 21.6 21.7 21.8 20.4 20.7 20.5 20.0 18.1 16.7 18.3 19.3France 20.7 20.7 19.6 20.6 22.9 27.8 26.4 30.4 26.7 17.6 23.6 22.3 25.9Thailand 17.8 18.7 16.8 17.8 16.8 16.6 16.9 16.1 15.7 15.9 16.1 15.4 15.5Sweden 15.6 15.4 14.8 14.9 14.9 14.0 12.0 11.9 12.0 12.9 13.5 13.5 13.3Russia 14.7 11.8 7.7 7.4 8.1 8.5 7.0 7.0 7.5 6.4 6.6 5.7 4.4Italy 13.5 13.4 13.3 13.9 13.4 13.6 13.2 16.0 13.8 13.6 14.2 14.0 14.5Poland 12.9 11.8 12.2 12.2 12.7 12.5 13.9 13.9 14.1 12.8 13.4 12.5 11.1India 12.8 15.3 20.0 20.1 19.5 15.8 14.6 13.9 12.0 11.2 13.5 14.0 13.1Israel 12.4 13.8 13.8 14.1 13.4 12.5 12.3 11.7 11.3 9.2 6.2 6.5 7.5Ireland 12.1 12.1 8.6 11.9 12.7 12.4 11.6 14.8 15.7 14.6 15.1 13.6 13.8Malaysia 11.9 10.9 10.4 9.6 9.9 9.8 9.2 9.2 9.9 9.9 10.0 10.3 10.3Belgium 11.3 11.5 12.3 11.7 12.3 12.1 13.6 13.0 13.3 13.8 14.5 15.1 13.7All Other 131.9 122.2 125.6 136.4 139.3 139.4 148.0 151.9 141.9 126.2 126.1 121.1 116.0Grand Total 2218.7 2182.4 2165.4 2193.6 2143.2 2119.3 2103.0 2097.5 2054.7 2025.2 2037.8 1992.8 1977.7Of which:For. Official 1468.5 1447.8 1457.8 1465.4 1450.9 1448.3 1449.0 1452.3 1443.6 1426.0 1429.0 1408.5 1397.7Treasury Bills 160.7 172.5 178.0 194.9 181.8 181.4 176.8 186.2 178.5 179.4 190.0 186.0 184.8T-Bonds & Notes 1307.8 1275.3 1279.9 1270.5 1269.1 1267.0 1272.2 1266.1 1265.1 1246.6 1239.0 1222.5 1212.8Department of the Treasury/Federal Reserve Board15-Aug-071/ Estimated foreign holdings of U.S. Treasury marketable and non-marketable bills, bonds, and notesreported under the Treasury International Capital (TIC) reporting system are based on annualSurveys of Foreign Holdings of U.S. Securities and on monthly data.2/ United Kingdom includes Channel Islands and Isle of Man.3/ Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria.4/ Caribbean Banking Centers include Bahamas, Bermuda, Cayman Islands, Netherlands Antilles and Panama.Beginning with new series for June 2006, also includes British Virgin Islands.Time Series Data on International Reserves and Foreign Currency LiquidityOfficial Reserve AssetsIn Millions of US Dollars (end of month)Reporting Countries Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07Argentina 27,396.78 28,048.01 29,081.60 30,328.48 32,036.82 33,739.21 34,935.58 36,849.50 38,606.25 40,580.89 43,157.14 44,202.18Armenia 755.94 815.23 878.56 924.13 1,071.94 1,063.12 1,085.84 1,062.53 1,120.75 1,142.90 1,205.21 1,270.36Australia 51,121.49 46,190.50 50,095.69 51,337.43 55,078.44 59,274.93 53,732.14 57,504.40 67,244.93 69,752.48 67,084.28 68,873.45Austria 13,640.05 12,727.10 13,224.15 13,824.36 12,840.75 12,900.89 13,538.63 13,591.02 13,600.92 13,502.78 13,702.17 14,035.97Belarus 1,140.30 1,155.20 1,279.20 1,369.70 1,382.90 1,329.90 1,303.10 1,534.50 1,564.60 1,719.70 2,344.20 2,362.10Belgium 13,801.97 12,992.96 12,547.46 13,469.28 13,434.72 13,492.89 13,946.85 13,539.08 13,694.79 13,610.40 13,468.54 14,200.45Brazil 71,477.77 73,392.93 78,170.86 83,113.97 85,838.86 91,086.10 101,069.73 109,531.36 121,830.36 136,418.99 147,101.03 155,909.53Bulgaria 10,456.42 10,693.49 10,985.65 11,848.82 11,756.10 11,111.30 11,275.54 11,960.50 12,471.09 12,103.11 12,920.37 13,508.27Canada 35,853.00 36,017.00 35,643.00 36,477.00 35,063.00 35,908.00 36,310.00 39,309.00 40,183.00 40,096.00 39,413.00 40,303.00Chile 16,970.81 17,546.65 17,489.78 17,164.08 19,428.94 17,340.63 16,171.60 15,389.70 17,528.73 16,960.91 17,896.50 18,580.58Colombia 14,991.44 15,017.44 15,140.09 15,456.20 15,440.43 16,453.40 17,593.48 18,996.99 19,781.27 20,413.46 19,999.35 20,201.29Croatia 11,122.83 10,305.14 10,835.33 11,818.07 11,488.63 11,883.98 12,630.17 12,679.35 12,920.38 12,699.05 12,350.64 12,868.24Czech Republic 30,940.76 30,764.87 30,792.35 31,558.72 31,454.19 31,376.04 31,620.02 31,733.72 32,076.12 31,444.35 31,291.89 31,816.50Denmark 31,411.90 31,098.15 31,155.34 32,496.62 31,084.06 30,631.17 31,880.10 32,723.25 31,540.93 31,328.70 32,570.76 34,321.76El Salvador 2,075.20 2,020.30 2,023.60 2,023.90 1,908.20 1,923.00 1,915.40 1,910.80 2,046.20 2,167.50 2,144.40 2,447.60Estonia 2,345.30 2,379.23 2,334.48 2,849.32 2,790.80 2,452.22 3,043.15 2,797.53 2,972.41 2,788.62 2,823.91 3,691.38Finland 7,460.01 7,256.71 7,395.42 7,608.48 7,496.36 7,391.55 7,513.10 7,392.82 7,320.85 7,216.19 7,225.18 7,633.43France 90,793.60 90,919.06 92,085.36 95,594.40 98,250.83 99,059.24 101,521.25 101,275.40 102,702.78 99,366.55 98,701.29 102,991.66Germany 111,464.43 108,691.16 108,348.93 112,605.24 111,635.51 113,198.53 116,206.60 114,694.62 117,997.53 116,185.49 114,584.52 116,680.84Greece 2,921.00 2,802.00 2,684.00 3,061.00 2,857.00 2,637.00 2,815.00 2,979.00 3,039.00 3,044.00 2,831.00 3,042.00China,P.R.:Hong Kong 128,873.00 130,286.00 131,221.00 132,704.00 133,210.00 133,744.00 136,237.00 135,370.00 136,797.00 136,223.00 136,310.00 137,079.00Hungary 20,849.21 20,930.90 20,804.43 22,015.62 21,594.59 21,045.59 22,674.17 22,639.14 23,218.43 22,547.09 22,912.99 22,768.15Iceland 1,054.29 1,019.95 1,042.01 1,360.14 2,342.27 2,349.95 2,383.99 2,354.20 2,362.03 2,348.88 2,313.83Indonesia 42,586.33 43,266.33 45,689.98 47,221.16 49,309.39 50,112.83 50,924.44 51,879.77Ireland 952.42 842.43 797.12 875.91 842.82 893.42 877.74 885.65 893.29 841.79 852.30Israel 28,126.98 27,793.76 27,494.01 28,500.36 29,006.01 28,605.89 30,934.76 30,640.70 29,967.61 28,733.54 29,072.67 28,240.37Italy 74,843.35 72,974.21 73,237.47 77,931.08 75,773.30 77,983.63 79,576.07 79,285.56 80,813.83 79,670.48 80,787.95 81,882.73Japan 878,748.00 881,273.00 885,554.00 896,949.00 895,320.00 895,383.00 905,048.00 908,958.00 915,623.00 911,137.00 913,572.00 923,718.00Kazakhstan 13,543.53 13,472.28 14,187.51 15,090.57 19,112.97 20,901.07 21,854.55 21,566.78 22,267.42 21,759.40 22,375.20 23,408.54Korea 227,025.00 228,224.00 229,461.00 234,257.00 238,956.00 240,229.00 242,812.00 243,915.00 247,260.00 250,741.00 250,702.00 254,839.00Kyrgyz Republic 699.26 714.99 752.53 778.45 813.69 787.65 803.73 821.43 858.80 892.90 935.42 984.79Latvia 4,020.88 4,023.61 4,349.15 4,460.39 4,509.47 4,516.96 4,710.77 4,644.31 4,637.73 4,874.80 4,928.46 5,109.27Lithuania 4,262.60 4,434.70 4,523.20 5,369.10 5,772.60 5,895.10 5,862.90 5,644.60 6,132.20 5,728.10 6,138.60 5,894.40Luxembourg 274.59 263.59 260.16 265.01 265.53 259.56 262.90 259.01 260.83 259.48 259.73 266.68Malaysia 79,306.40 79,545.50 79,638.30 80,039.50 82,457.30 83,515.40 86,899.40 88,564.60 91,561.90 98,371.40 98,395.20 98,474.90Moldova 641.29 647.86 674.20 704.23 775.29 773.02 775.95 786.09 828.55 863.18 878.52 977.60Morocco 20,227.80 20,337.93 20,183.52 20,666.18 20,669.65 20,395.71 20,617.09 21,017.23 21,386.09 21,029.63 22,409.01 22,869.50Netherlands 21,921.00 22,743.00 22,659.00 22,816.00 23,903.00 23,729.00 23,254.00 24,054.00 24,016.00 23,551.00 23,337.00 24,528.00New Zealand 11,624.85 12,041.36 12,897.64 13,082.14 14,058.47 13,132.12 13,635.75 14,527.46 15,936.85 15,566.31 16,122.06 17,183.16Norway 49,672.00 50,305.00 53,820.00 52,956.00 56,845.00 56,438.00 56,470.00 56,923.00 57,059.00 55,560.00 56,626.00 56,876.00Peru 14,985.00 14,778.00 15,286.00 16,097.00 16,894.00 17,396.00 17,731.00 17,998.00 19,274.00 20,757.00 20,977.00 22,878.00Philippines 21,540.69 21,593.36 22,309.58 22,649.27 22,966.72 23,694.35 24,542.17 24,684.41 25,089.60 25,599.29 26,382.95 28,019.01Poland 48,713.01 48,694.74 47,175.13 49,483.18 48,484.35 51,211.88 50,984.72 50,784.73 52,077.91 55,166.17 54,441.07 56,095.91Portugal 9,741.35 9,327.79 9,378.02 9,731.61 9,882.34 10,083.62 10,387.19 10,249.28 10,765.72 10,223.67 9,825.95 9,405.91Romania 30,294.14 30,884.13 30,906.89 31,414.41 31,725.12 31,901.51 33,002.15Russia 259,861.54 266,196.55 272,543.01 289,041.63 303,732.37 303,886.32 314,534.22 338,830.42 369,117.49 403,207.30 405,839.86 416,166.66Singapore 130,278.80 128,945.50 131,429.00 135,341.60 136,260.90 134,573.20 137,058.60 137,735.70 140,048.30 140,899.60 144,055.90 147,021.70Slovak Republic 13,243.10 13,234.20 13,145.50 13,372.00 13,363.80 14,004.70 14,080.50 16,605.20 17,823.10 17,571.24 17,597.70 17,879.50Slovenia 7,556.88 7,465.65 7,597.80 7,721.77 7,139.40 1,007.14 1,174.46 1,182.47 1,123.50 1,203.89 1,158.95 988.72South Africa 24,441.00 24,650.00 24,549.00 25,040.00 25,612.00 25,882.00 26,343.00 26,518.00 27,022.00 27,855.00 28,279.00 29,334.00Spain 19,167.42 18,954.98 18,801.16 19,469.36 19,339.53 19,292.55 19,552.20 18,704.54 18,001.86 17,080.20 17,384.48 17,232.31Sweden 25,249.00 25,421.00 25,806.00 27,220.00 28,008.00 27,738.00 28,650.00 28,704.00 29,109.00 27,522.00 29,330.00 29,047.00Switzerland 61,671.00 61,763.00 61,381.00 61,496.00 64,470.00 64,093.00 63,940.00 65,401.00 64,758.00 65,005.00 64,847.00 64,511.00Thailand 59,355.65 61,592.71 62,302.15 64,488.36 66,984.82 66,769.42 68,200.04 70,862.95 71,069.18 71,142.66 72,999.53 73,976.79Tunisia 6,576.60 6,686.50 6,577.80 6,518.80 6,776.60 6,799.50 6,600.80 6,610.70 6,776.30 6,872.40 6,835.30 7,202.00Turkey 60,260.15 60,793.05 59,747.15 60,631.22 63,185.54 65,446.92 67,207.92 69,935.60 69,844.74 68,748.14 70,656.69 71,732.69Ukraine 18,727.03 19,166.04 19,477.98 21,133.06 22,358.10 22,388.46 22,862.42 22,991.53 23,501.11 24,707.56 25,914.46 27,375.39United Kingdom 81,208.35 82,630.77 83,069.29 84,975.59 85,646.63 82,968.29 82,153.68 83,654.88 85,910.69 85,000.00 95,515.04 85,216.83United States 67,156.00 66,220.00 66,347.00 66,512.00 66,053.00 64,852.00 65,403.00 66,448.00 66,850.00 65,835.00 65,855.00 67,062.00Uruguay 3,283.13 3,210.85 3,297.50 2,831.50 3,090.59 3,246.19 3,397.98 3,458.25 3,576.57 3,527.10 3,686.35 3,486.73Other ReportersEuropean Central Bank 51,881.86 51,678.18 51,572.82 52,884.51 52,605.99 55,691.91 56,480.25 53,962.45 55,041.30 54,787.34 54,710.11 56,801.81Eurosystem 1/ 2/ 419,447.71 411,495.42 413,272.50 431,662.29 429,119.55 438,608.15 445,855.03 441,580.63 448,929.63 440,468.71 439,341.96 450,672.451/ The Eurosystem includes all Member States that had adopted the Euro at the time to which the data refer and the ECB.2/ Discrepancies between the Eurosystem and the total obtained by adding each Member State's data are due to gold valuation. ECB and Eurosystem holdings of gold are valuedusing the gold fixing at 3 p.m. prevailing at the end of the appropriate period and converted into Euro using the reference rate of the last day of the reference period. Some MemberStates report data using the gold fixing at 10:30 a.m. prevailing at the end of the appropriate period.

Source: US Department of the Treasury/Federal Reserve BoardForeign Reserves are as of May 2006, US Treasuries held are as of Nov. 2006.Offshore holdings include UK, Carib banking, and Luxembourg

Chart114520135228211491008414910891056501884611277538182651494097109121583417157079526996311734111097024441216651497126417968923038221487310151813324458348147237099121330481242261733293441095506853120825163667215336971072490406153428095988587376465571904389107310475185

amountprojectsyearamount (million)

11.11. :: Total: Totalyearamountprojectsamount1980145,201352400273,534352145,201198128,2114964293,7614928,2111982100,8414954818,47049100,8411983108,910566782,96956108,910198450,1884649195,3244650,1881985112,7753842219,19138112,7751986182,6514973363,78849182,6511987409,71091109367,36191409,7101988215,8341712481,636,305171215,8341989570,795269369973,844269570,7951990963,1173415142,274,414341963,11719911,109,7024445261,797,6774441,109,70219921,216,6514976302,026,8104971,216,65119931,264,1796891,0521,996,7626891,264,17919942,303,8221,4871,9463,630,6211,4872,303,82219953,101,5181,3321,5725,222,2661,3323,101,51819964,458,3481,4721,8187,015,5791,4724,458,34819973,709,9121,3301,6086,104,6021,3303,709,91219984,812,4226177195,830,1766174,812,42219993,329,3441,0951,2685,101,6741,0953,329,34420005,068,5312,0822,2866,075,9972,0825,068,53120015,163,6672,1532,3276,361,8812,1535,163,66720023,697,1072,4902,7476,251,8612,4903,697,10720034,061,5342,8093,0795,579,1832,8094,061,53420045,988,5873,7643,9247,899,7263,7645,988,58720056,557,1904,3894,5559,029,9934,3896,557,190200610,731,0475,1855,25018,459,7235,18510,731,047Total69,461,79433,34637,296105,883,49233,34669,461,794

11.000000000000000000000000000000000000000000000000000000

amountprojectsyearamount(million)Korea's Outward FDI Trend

Chart117482408.9273384.4193887.1260595741067.2481384.1631265.732142965220.835711.949625.5171195275213.554345.189383.958527371729130391

20022003200420052006

Sheet120022003200420052006Asia1,7482,4093,3843,8876059North America5741,0671,3841,2662142Europe9652217126261195Latin America275214345384527Middle East371729130391

Sheet10000000000000000000000000

20022003200420052006FDI by Region

Sheet2

Sheet3

Chart12160943994932133801161188783083660998159156470506712875216761427

manufacturingwholesale&retailreal estateconstructionmining

Sheet12003200420052006manufacturing2160338036605067wholesale&retail94311619981287real estate99188159521construction4978156676mining3213084701427

Sheet100000000000000000000

manufacturingwholesale&retailreal estateconstructionminingFDI by Industry

Sheet2

Sheet3

Chart160.044313146233.30871491886.64697193559.876440140332.20904992497.914509934952.348276913737.511436413510.140286672858.466126176532.35485975219.1790140714

Large EnterprisesSMEsIndividuals

Sheet12003200420052006Large Enterprises2439358634336274SMEs1353192924603472Individuals270474665985Sum406259896558107312003200420052006Large Enterprises60.044313146259.876440140352.348276913758.4661261765SMEs33.308714918832.209049924937.511436413532.3548597521Individuals6.6469719357.914509934910.14028667289.1790140714

Sheet1000000000000

Large EnterprisesSMEsIndividualsFDI by Company Size

Sheet2

Sheet3

Chart149533885489176614112846618102857176711440641213235918444646512799512529239918642379926951894536050270855411548871213170331010451871226108117786659162089522402128487067115756341186138622914351748093182824227262088339089926983931859299060593143472

amountprojectsyearamountt

11.11. :: yearamountprojects198049,5338810085,1578849,53319815,489172135,272175,48919826,61411146,870116,614198328,466181728,4351828,466198410,285792,819710,285198517,67114156,8411417,67119864,06412175,036124,0641987132,3591823171,41518132,359198844,464651121,232,2806544,4641989127,995125189278,837125127,9951990292,3991862951,165,427186292,3991991423,799269336610,065269423,7991992518,945360482642,806360518,9451993502,7085548681,175,936554502,70819941,154,8871,2131,6161,755,9351,2131,154,88719951,703,3101,0451,2402,630,7811,0451,703,31019961,871,2261,0811,3493,511,9271,0811,871,22619971,778,6659161,1082,733,6379161,778,66519982,089,5224024692,668,7474022,089,52219991,284,8706717881,865,4386711,284,87020001,575,6341,1861,3462,258,9631,1861,575,63420011,386,2291,4351,5641,886,2691,4351,386,22920021,748,0931,8282,0203,088,0461,8281,748,09320032,422,7262,0882,2763,989,5462,0882,422,72620043,390,8992,6982,8405,001,5672,6983,390,89920053,931,8592,9903,1045,313,4332,9903,931,85920066,059,3143,4723,50110,302,1423,4726,059,314Total32,562,02522,76925,71952,453,62722,76932,562,025

11.000000000000000000000000000000000000000000000000000000

amountprojectsyearamountTrend of Korea's FDI in Asia

1. ( ) ()1-1. : , , () %20032004200520061/42/43/44/4 2,8093,7644,3891,2151,3291,3131,3285,185()(12.8)(34.0)(16.6)(2.4)(9.4)(-1.2)(1.1)(18.1) 4,0625,9896,5572,1682,4522,8433,26710,731()(9.9)(47.4)(9.5)(19.9)(13.1)(16.0)(14.9)(63.7)1-2. : , () %20032004200520061/42/43/44/4 1.41.61.51.81.82.22.52.1()(-2.6)(10.0)(-6.1)(17.1)(3.4)(17.4)(13.6)(38.5)

Mozart Reports38e34f78aa4649450fb2a3bc723892ebcc