South Korea’s annual exports exceeded US$500 billion in the shortest-ever period of time. The Ministry of Trade, Industry and Energy (MOTIE) and the Korea Customs Service announced that Korea’s cumulative annual exports were estimated at US$501.2 billion at 2:00 pm on November 17.
Korea’s exports broke through a US$500 billion mark in the shortest period since the commencement of trade statistics in 1956. Exports stood at US$501.2 billion and imports at US$416.6 billion so it has become highly likely that Korea’s trade volume will amount to US$1 trillion this year, the MOTIE said.
The MOTIE attributed the feat to the diversification of export items and regions and even growth by export items and regions.
Of Korea’s 13 major export products, semiconductors, petrochemicals and steel led the export. Exports to most major regions such as China, the ASEAN and India increased.
"The export items to major countries that concluded the FTAs with Korea were diversified, and shares of Korean goods in import markets of major countries which signed the FTAs is on an upward spiral," an MOTIE official said.