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.