The Ministry of Trade, Industry and Energy (MOTIE) and the Korea International Trade Association (KITA) held a ceremony to celebrate the 61st anniversary of Trade Day at COEX in Samseong-dong, Seoul, on Dec. 5.
The anniversary event took place with some 1,000 people in attendance, including award winners, government and related organization heads and officials.
Export Day was designated on Nov. 30, 1964, when the nation celebrated the feat of achieving $100 million in exports.
The name Export Day was changed to Trade Day in 1990. The date of Trade Day changed to Dec. 5 when the nation became the ninth country in the world to achieve $1 trillion in exports on Dec. 5, 2011.
The 2024 Trade Day event, held under the theme “Trade Powerhouse Building Together, Leaping Korea,” was designed to give words of encouragement to people in the trade industry who helped to maintain strong exports amid hard external conditions.
In an opening ceremony, KITA Chairman Yoon Jin-sik said, “A trade paradigm shift in which cooperation among nations is declining and protectionist moves are getting stronger is not only challenging to us, but also opportunities.”
He stressed competition with late-commers by realizing high value through technology innovation. He also touted building of an expanded export foundation by improving the country’s export structure through efforts to diversify exports countries.
During the event, 1,545 companies were presented with export tower awards, while 597 people who contributed to promoting trade were honored with the Order of Industrial Service Merit, industrial medals and other government awards on top of 80 KITA prizes.
This year‘s top honor, the winner of the $25 billion export tower prize, went to Kia Motors. Heads of seven other companies also received export tower prizes on the stage on behalf of the 1,545 companies.
POSCO Future M was presented with the $2 billion export tower prize, while HD Hyundai Electric was honored with the $1 billion export tower award. Samyang Foods received the $700 million export tower prize.
Kia Motor, celebrating its 80th anniversary this year, was honored with the $25 billion export tower prize on the back of efforts to release new cars and expand supply chains.
The achievement came after the automaker took home the $20 billion export tower award last year.
Kia was recognized for contributing to the development of the national economy by improving the competitiveness of its global brand amid uncertain management conditions, and strengthening product line-ups tailored to comply with customers’ expectations.
In a speech at an awards ceremony, Kia Motors President Song Ho-sung said, “I’m very pleased to take home the export tower prize this year following last year’s winning of an export tower award by making efforts to ramp up the competitiveness of the global brand on a continued basis amid hard management conditions.”
In the category of individuals who contributed to promoting trade, 597 people were honored with the Order of Industrial Service Merit and other government orders and prizes.
The coveted Order of Industrial Service Merit, Gold Tower went to President Jung Soon-won of Wha Shin Bolt. President Baek Seung-han of Classys received the Order of Industrial Service Merit, Silver Tower.
President Choi Seong-kyu of Elpowertech was presented with the Order of Industrial Service Merit, Bronze Towser.
President Jung of Wha Shin Bolt had been crediting with contributing to the development of the Korean power facility and heavy industries by devoting himself to producing special bolts through R&D and localization of special bots for defense industry, nuclear power and plant industries.
President Baek of Classys was honored with developing medical instruments for high-frequency skin care and exporting them to some 70 countries.
Amid uncertain external export conditions, such as high interest rates and high inflation globally, the U.S. presidential election, the Russia-Ukraine war and the Middle East conflict, Korea overcame crises faster than other major export counties, since October 2023 when the nation saw exports turn around.
Korea has seen exports log the highest growth rate among the top-10 export countries by achieving an export surplus for the 14th consecutive month.
Korea saw exports rise 8.3 percent year-on-year to $622.2 billion, and chalked up a $45.2 billion trade surplus in the first 11 months of the year.
The exports contributed to 99 percent of the growth of the national economy, thus serving as a strong buttress of the economy.
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