President Moon Jae-in delivers a commemorative speech at a ceremony to celebrate the 56th Trade Day anniversary at COEX in Samseong-dong, Seoul, on Dec. 5. (Photo: KITA)

Despite a streak of inside and outside uncertainties, Korea’s trade is most likely to surpass $1 trillion threshold for the third straight year, according to recent economic forecasts. The nation celebrated the 56th Trade Day anniversary at COEX in Samseong-dong, Seoul, on Dec. 5.

Trade Day was inaugurated in celebration for the nation’s achieving $100 million in exports in 1964. Every year, the nation marks the Trade Day anniversary by presenting orders and other prizes to individuals and organizations who have contributed to promoting trade.

The 2019 Trade Day anniversary event was held under the catchphrase “Unshakable Trade Power, Overcoming Waves of Changes.” President Moon Jae-in attended the event to give words of encouragement to traders and company representatives.

Among approximately 2,000 people on hand at the event were Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy (MOTIE), Chairman Kim Young-joo of the Korea International Trade Association (KITA), Trade Day prize winners and trade company officials.

During the event, 597 people were decorated with orders and other government prizes in recognition of their contributions to promoting exports, while 1,327 trade companies were presented with trade towers.

SK Trading International received the $10 billion Trade Tower, while four companies, including Hyundai Construction Equipment and Kumho P&B Chemicals, were presented with the $1 billion Trade Tower.

Trade tower winners at the 2019 Trade Day anniversary event numbered 1,329, 66 more than last year.
The coveted Order of Industrial Service Merit, Gold Tower went to five people, including Senior Executive Vice President Song Ho-sung of Kia Motors and Kang Se-wook, head of Samsung C&T Group.

President Moon presented prizes and trade towers to 10 individuals and 10 companies in recognition of reinventing an export structure, creating jobs, promoting shared growth and securing the competitiveness of the Korean raw materials, parts and equipment industry. In his commemorative speech, President Moon said Korean companies, people in the science and technology sector and the general public had joined forces in overcoming Japan’s export curbs on Korea.

Video messages by MOTIE Minister Sung and other notables, including actress Song Ji-hyo, actor Song Il-kook, and producer Nah Young-seok, who produced cultural export content products, were delivered during the event. The homegrown musical “Frankenstein” was also performed.

MOTIE Minister Sung delivered a note of thanks, saying that people in the trade industry have achieved a feat of logging a $1 trillion trade in three years in row after toiling and sweating at plants and piers.

In his opening speech, KITA Chairman Kim said, “This year is a year of hard times the Korean trade industry has suffered as the global trade recorded the lowest growth rate since the 2008 global financial crisis.” The nation is now facing with new challenges such as the widening trade protectionist moves, sagging merchandise trade, and slowing global value chains, he said.

The Korean trade industry will serve as an engine to drive the Korean economy once again when large-sized companies and startups as well as conventional industries and new advanced industries create innovative momentum through shared growth spirit, Chairman Kim added.

The MOTIE said only nine countries, including Korea, the United States, Germany, and Japan, have seen trade amounts top the $1 trillion threshold this year.

Korea’s good performance was attributable to new industries’ substituting for mainstay products, the qualitative improvement of exporting structure, a rise in the portion of exports to “New Southern Countries” and “New North Countries” and market diversification.