Korea to Log Best-Ever Exports Worth $600 billion
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Korea to Log Best-Ever Exports Worth $600 billion
Forecast to see value of trade top $1.1 trillion in first 12 months of this year

21(Fri), Dec, 2018

President Moon Jae-in delivers a commemorative speech at a ceremony to mark the 55th anniversary of Trade Day at COEX in Seoul on Dec. 7.

The nation is forecast to log its best-ever exports worth $600 billion during the whole of this year, and is forecast to retain its status as the sixth largest exporter in the world.

Korea will become the seventh country to surpass $600 billion in exports following the United States, Germany, China, the Netherlands, France and Japan.

The nation is predicted to see the value of trade top $1.1 trillion in the first 12 months of this year. The figure will represent the shortest period and the second straight year to surpass $1 trillion in trade.

Semiconductors, general machinery and petrochemical exports hit export records, and the portion of value-added products such multi-chip packages (MCPs), solid state disks (SSDs) rose. The portion of new industry exports such EVs and robots surged from 8.4 percent in 2014 to 13.1 percent in 2018.

Exports to “New South” countries such as ASEAN and Vietnam as well as those to “New North” countries such as the former Commonwealth of Independent States (CIS) countries also jumped.

Korea is expected to see exports top $600 billion as of Dec. 27 to become the seventh country in the world to do so following the United States, Germany, China and the Netherlands, France and Japan. Compared to Korea’s national territory ranking of 107, and 27th in terms of population, the nation has retained the status as the sixth biggest exporter in the world.

Korea is the sole country to chalk up such tremendous records among the nations which have gained independence since the end of World War II.

Korea’s trade topped $1 trillion as of Nov. 16, the shortest time in one year, and the total trade size is predicted to surpass $1.1 trillion by the end of the year.

Globally, the number of countries with more than $1 trillion in trade totaled 10, including Korea, but only four countries – Korea, China, Germany, and the Netherlands – recorded trade surpluses for the recent 10 years and saw trade top $1 trillion.

55th Trade Day Anniversary

The Ministry of Trade, Industry and Energy (MOTIE) and the Korea International Trade Association (KITA) held an event to celebrate the 55th anniversary of Trade Day with approximately 2,000 Trade Day award winners, government and export support institutions in attendance at COEX in Samseong-dong, Seoul, on Dec. 7.

President Moon Jae-in participated in the event to celebrate the logging of $1 trillion in trade in the shortest time and the forecasting of $1.1 trillion, the best-ever trade value.

Government orders and other prizes were presented to 600 people who gave words of encouragement in recognition for their contribution of boosting exports this year and 1,264 exporter companies received export towers. Four hundred and eighty three government order and other prize winners, or 81 percent, were selected among SMEs and mid-size superstars.

President Moon bestowed awards to 10 people and 10 companies, which have contributed to diversifying items, including those from new industries, and markets to “New South” and “New North” countries, creating jobs and promoting shared growth.

Minister of Trade, Industry and Energy Sung Yun-mo, Chairman Kim Young-joo of the Korea International Trade Association, Chairman Sohn Kyung-shik of the Korea Employers’ Federation, and Samsung Electronics President Kim Ki-nam cut a cake at a reception to celebrate the 55th anniversary of Trade Day. (Photos: MOTIE)

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