Korean media: South Korea's exports exceed $70 billion for the first time... 6th in the world

This year, South Korea's total exports exceeded $70 billion for the first time, seven years after surpassing $60 billion in 2018. Despite the deteriorating trade environment caused by the trade war initiated by the United States, the significant growth in exports of manufacturing sectors such as semiconductors played a major role.

On the 29th, according to the Ministry of Industry, Trade, and Energy and the Customs Service, "as of 1:03 p.m., the provisional statistics of the total exports for the year reached $70 billion." As a result, South Korea became the 6th country in the world to achieve exports of $70 billion.

According to government sources, "Although South Korea was the 7th country in the world to reach $60 billion in exports, it is the 6th country to reach $70 billion," "which also demonstrates the rapid growth of South Korea's exports compared to major global countries."

Exports performed poorly in the first half of the year, but from June onwards, they set new monthly records for six consecutive months, with the annual export volume reaching an all-time high.

The main driver of export growth came from the prosperity of key manufacturing sectors such as semiconductors, automobiles, ships, and biotechnology. In addition, consumer goods such as K-food and K-beauty, as well as appliances, are becoming new growth engines. By the third quarter, both the export volume and number of export enterprises of small and medium-sized enterprises reached record highs.

Export markets have become more diversified. The share of the United States and China has decreased, while the share of the Association of Southeast Asian Nations (ASEAN), the European Union (EU), and Latin America has continued to rise. In the exports from January to November 2024, the share of the U.S. and China was 38.1%, but it has decreased to 35.7% this year.

According to government sources, "Both exports and foreign investment this year achieved record highs in history," "and next year we will do our best to achieve the goal of exports exceeding $70 billion for two consecutive years and foreign investment exceeding $35 billion."

The government's policy is to enhance industrial competitiveness through manufacturing innovation, achieve diversification of export markets and categories, and improve support systems, as well as expand foreign investment incentives centered on local areas, to continue promoting trade structure reform.

Source: Chosun Ilbo

Original: toutiao.com/article/1852902368571591/

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