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Korea’s Trade Value Exceeds US$1 Trillion One Month Earlier than Last Year
Growing Markets
Korea’s Trade Value Exceeds US$1 Trillion One Month Earlier than Last Year
  • By Cho Jin-young
  • December 1, 2014, 04:54
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A bird's eye view of Busan Port.
A bird's eye view of Busan Port.

 

Korea recorded US$1 trillion in annual trade value in November. This is the first time that Korea broke the mark so early. Its yearly total trade amount is estimated to reach over US$1.1 trillion at the end of this year.

According to the Ministry of Trade, Industry and Energy, its exports and imports for 2014 totaled US$520.2 billion and US$479.8 billion at 1:07pm on Nov. 28, respectively. Korea has surpassed the amount four times since Dec. 5, 2011, when the total was US$1.0796 trillion.

Such a feat is mainly because of the delivery of the ships that local shipbuilders have built for years, increasing exports of semiconductor chips for mass-market smartphones and the high popularity of Korean-made smartphones around the world.

The ministry is expecting that the annual trade amount will reach a new high this year with consumption showing signs of recovery in the United States and China, two of Korea’s major export destinations.