S. Korea’s annual exports exceed $700bn for first time
South Korea's annual exports surpassed US$700 billion for the first time on Monday, making the country the sixth in the world to reach the milestone, government data showed, Qazinform News Agency cites Yonhap.
Outbound shipments crossed the $700 billion mark at 1:03 p.m., based on preliminary figures from the Ministry of Trade, Industry and Resources and the Korea Customs Service. South Korea joins the United States, Germany, China, Japan and the Netherlands in achieving this level of exports.
The ministry noted that while South Korea was the seventh country globally to reach $600 billion in exports in 2018, it is now the sixth to exceed $700 billion, reflecting faster export growth compared with other major economies.
The strong performance was driven largely by robust shipments of semiconductors, along with key exports such as automobiles, ships and bio-related products. Regionally, the share of exports to the United States and China declined, while shipments to other Asian countries, the European Union, and Central and South America increased, highlighting progress in market diversification.
Exports by small and medium-sized enterprises also reached record highs in both value and the number of participating companies through September, the ministry said.
Despite a challenging trade environment marked by U.S. tariff measures and trade protectionism, South Korea turned a crisis into an opportunity, underscoring the resilience of our people and businesses, a ministry official said.
Earlier this year, exports were expected to face headwinds due to tariff policies introduced by the Donald Trump administration. Although shipments fell in the first half of the year, exports rebounded sharply from June as market confidence improved following the launch of the Lee Jae Myung administration and as uncertainties eased after a trade agreement with Washington.
Looking ahead, the government said it will focus on maintaining export momentum next year by strengthening industrial competitiveness through manufacturing innovation, diversifying export markets and products, and expanding incentives to attract foreign investment to regional areas. It also aims to achieve exports of $700 billion and foreign direct investment exceeding $35 billion for a second consecutive year.
Previously, Qazinform reported South Korea’s GRDP continues to expand in Q3 on strong chip and auto output.
