U.S. is not the only country agitated by economic problems. And China is not the only rising star in Asia.

The Asian Tigers: Taiwan, Hong Kong, South Korea and Singapore have also gained economic power lately.

At the same time, a country like the United Kingdom has some problems similar to those of the United States.

Both countries have huge trade gaps.

The manufacturing of both nations has been hit by the Asian rivals. Besides, both countries depend too much on services.

Here I would like to make a comparison between the UK and South Korea.

In 1955 the United Kingdom exported more than $8 billion while South Korea exported just $18 million. The UK exported about 450 times more than the small asian country.

The same year the UK imported more than $10 billion while South Korea imported $341 million.

As you can see, British imports were about 25% higher than British exports. But South Korean imports were about 19 times higher than its exports. The trade deficit of the Asian country was huge!

S. Korea was recovering from the 1950-1953 war against the communists.

In 1980 South Korea exported more than $17 billion and the UK exported around $110 billion. The difference was more than 6 to 1. Still big.

Both countries had trade deficits of around $5 billion.

In 2005 S. Korea exported more than $284 billion while the UK sold more than $382 billion to foreign countries. The difference had reduced to 1.34 to 1.

Besides, the South Korean exports per head were almost as high as those of United Kingdom.

In 2005 South Korea got a trade surplus of about $23 billion.

The UK had a trade deficit that was more than $127 billion!!

This trade deficit is one of the biggest in the world after that of the United States.

This is not all. while South Korea and Japan fight for first place in shipbuilding. The British shipbuilding industry is in ruins.

S. Korea produced twice as many vehicles than the UK did in 2005. The Korean output of steel multiplied by more than 3.5 that of the United Kingdom.

Although South Korea has just 80% of the population of the UK, the number of South Koreans that work in the manufacturing sector of the economy is about 1/3 higher than in the european country.

Imagine 2020…

Yes, I am sure the Asian Tigers deserve more publicity than Tara Conner or Kate Middleton. And that asian dragon, South Korea, is of far more dangerous to western economies than Eragon.

[Edited by Simon – Spelling, grammer, and agobiated!]

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