Korean media: South Korea becomes the sixth country in the world to enter the "70 billion dollar club" with export volume!

On January 26, Korean media E Daily published an article stating that despite adverse trade conditions such as U.S. tariffs and rising protectionism, South Korea's exports successfully entered the "70 billion dollar club" last year. Following the United States (2000), Germany (2003), China (2005), Japan (2007), and the Netherlands (2018), South Korea became the sixth country in the world to achieve this. Although France surpassed the 60 billion dollar mark earlier than South Korea in 2008, it has not yet exceeded the 70 billion dollar mark.

According to statistics from the Ministry of Industry, Trade and Energy of South Korea and the Korean Customs Service, the cumulative export volume of South Korea reached 70 billion dollars by December 29 of last year.

South Korea's annual export volume has grown rapidly. It exceeded 100 billion dollars in 1995, 200 billion dollars in 2004, 300 billion dollars in 2006, 400 billion dollars in 2008, 500 billion dollars in 2011, and 600 billion dollars in 2018. Just seven years later, in 2025, the export volume reached 700 billion dollars.

At the beginning of last year, due to uncertain factors at home and abroad, South Korea's exports declined in the first half of the year. However, with the new government taking office, market confidence was restored, and uncertainties were eliminated, such as the conclusion of tariff negotiations with the United States. Exports showed resilience and set monthly records for six consecutive months starting from June.

Key manufacturing sectors such as semiconductors, automobiles, ships, and biotechnology maintained strong momentum, while consumer goods such as South Korean food, beauty products, and appliances have become new growth engines.

Additionally, the export market has shown a trend toward diversification, with the share of the United States and China declining, while the shares of ASEAN, the European Union, and Latin America increased. The export base has also significantly expanded, with small and medium-sized enterprises' export volumes and numbers reaching record highs by September of last year.

With the surge in exports, foreign direct investment (FDI) also exceeded previous records, surpassing the 35 billion dollar mark. This was mainly driven by a surge in investments resulting from policies related to cutting-edge industries such as artificial intelligence and semiconductors.

Notably, last year's foreign direct investment had a significant impact on the South Korean economy, with a large amount of greenfield investment pouring in. These investments are considered high-quality investments that have a major impact on revitalizing local economies and creating employment opportunities, setting a record high in history.

Greenfield investment is an investment method where land is acquired first, and then a factory or business institution is established.

The South Korean government plans to maintain the momentum of growth in exports and foreign direct investment this year. Through manufacturing innovation, export market and product diversification, strengthening support systems, reforming trade structures, and increasing incentives for foreign direct investment, it aims to enhance the fundamental competitiveness of industries.

Original article: toutiao.com/article/1855342233794954/

Statement: This article represents the views of the author alone.