Korea Ranks 1st among World’s Top Ten Exporting Countries in Export Growth

Korea’s exports have been on a sharp rise this year, showing the fastest growth among the world's top 10 exporters.

According to the monthly trade statistics of the World Trade Organization (WTO) on September 19, Korea's exports totaled 328 billion US dollars from January to July this year, up 16.3 percent from the same period of last year, chalking up the highest growth rate among exporting countries. Earlier, Korea's export growth rate was the highest in the first quarter (14.7%) and the second quarter (16.8%).

From January to July this year, worldwide exports of goods totaled US$9.1 trillion, up 8.8 percent. Korea’s exports to China, the largest importer of Korean goods, amounted to US$1.24 trillion, up 8.3 percent from last year. Korea’s exports to the US gained 6.6 percent to US$880.2 billion, while those to Germany posted US$812.7 billion, up 4.3 percent. Korea’s exports to Japan recorded US$394.3 billion, up 8.2 percent and those to the Netherlands added up to US$359.4 billion, up 11.0 percent. In terms of the size of exports, Korea sat sixth after these countries.

The Ministry of Trade, Industry and Energy ascribed a spike in Korea’s exports to a recovery in the global manufacturing industry, rising unit prices of major products, increased exports and the high added value of flagship products. But it was forecast that in the second half of the year, the growth of Korean exports will slow down as the US Fed is expected to begin to cut back on asset purchases and protectionism will be strengthened.