S. Korea’s yearly trade volume tops $1tr at fastest pace ever

27-Oct-2021 Intellasia | Yonhap | 5:02 AM Print This Post

South Korea’s trade volume for this year surpassed the $1 trillion mark Tuesday on the back of solid export growth amid the global recovery from the pandemic, reaching the milestone at the fastest pace ever, the trade ministry said.

The country’s accumulated exports and imports totalled $1 trillion so far this year, with outbound shipments coming to $512.2 billion, according to the data by the Ministry of Trade, Industry and Energy.

South Korea made the achievement within the shortest period of time since 1956 when the country began compiling data on trade. The previous record was set on November 16, 2018.

Last year, trade volume stood at $980.13 billion due to the fallout from the new coronavirus and trade disputes between the United States and China, the two major trading partners of South Korea. It was the first time in four years that South Korea missed the $1 trillion mark.

This year’s upbeat trade was attributable to robust growth in exports. In September, outbound shipments came to $55.8 billion, marking the highest monthly figure since 1956, and have extended their gains to 11 straight months.

Exports of semiconductors, petrochemical products and autos have led the overall gains as the global economic recovery has boosted demand, according to the ministry.

If this trend continues, the annual trade amount in Asia’s fourth-largest economy is expected to break the previous record to reach over $1.14 trillion this year, the ministry added.



Category: Korea

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