Korean media: Export value surpasses $1 trillion, only three countries have achieved this—South Korea is about to become the fourth!
On September 6, South Korean media outlet Newsis published an article stating that as of early September, South Korea's export volume has already exceeded last year’s full-year level, drawing attention to whether the country can achieve its first-ever annual export milestone of $1 trillion.
If the export momentum from January to August continues through the end of the year, reaching the $1 trillion target will be within reach. Once achieved, South Korea will become the fourth country globally—after the United States, China, and Germany—to exceed $1 trillion in annual exports.
As of 1 p.m. on September 5, South Korea’s cumulative exports for the year reached $709.4 billion, surpassing last year’s full-year record of $709.3 billion and setting a new historical high. This milestone was achieved in just 248 days—117 days ahead of schedule compared to last year.
Only $290.6 billion remains to reach the $1 trillion annual export goal. With roughly 117 days left until year-end, South Korea would need to export an average of about $2.48 billion per day, equivalent to approximately $75.6 billion per month on average.
From January to August this year, South Korea’s average monthly exports were about $86.66 billion. This means that even if the average monthly export value for the remaining months drops by around $11 billion compared to the first eight months, the $1 trillion target could still be surpassed.
Recent trends support this possibility. Every month from January to August set new records for exports during the same period. In June, monthly exports surpassed $100 billion for the first time in history; July and August reached $99 billion and $98.3 billion respectively.
Semiconductors are currently the primary driver behind export growth. From January to August, semiconductor exports totaled $281.2 billion, a 169.6% increase compared to the same period last year, accounting for 40.6% of total exports.
Exports excluding semiconductors are also showing upward trends. During the same period, non-semiconductor exports amounted to $412.1 billion, up 18.0% year-on-year. Exports of computer peripherals grew by 262.2%, petroleum products by 40.7%, wireless communication devices by 28.1%, and ships by 12.4%.
On the other hand, exports of some key product categories have declined. From January to August, passenger vehicle exports fell 4.4%, automotive parts dropped 7.3%, and home appliances decreased by 1.1%.
Currently, export growth is concentrated mainly in the semiconductor sector. Whether this momentum can expand to other product categories will be the key factor determining export trends in the coming period.
Original source: toutiao.com/article/1875547953842179/
Disclaimer: The views expressed in this article are those of the author alone.