South Korea: For the first time yearly exports exceed $700 billion
South Korea: According to official figures, South Korea became the sixth nation in the world to exceed US$700 billion in yearly exports on Monday.
According to statistics from the Korea Customs Service and the Ministry of Trade, Industry, and Resources, outbound cargo reportedly surpassed the threshold at 1:03 p.m., according to Yonhap news agency.
According to the government, South Korea passed the milestone behind the US, Germany, China, Japan, and the Netherlands.
The ministry said that while South Korea was the seventh nation in the world to exceed $600 billion in yearly exports in 2018, it was the sixth to reach the $700 billion level, indicating a quicker rate of export growth than other major economies.
Along with important items like cars, ships, and bio-related commodities, the ministry credited the outstanding performance to the solid exports of semiconductors.
According to the government, small and medium-sized business exports reached all-time highs in terms of both quantity and value through September.
“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,” said an official in the ministry.
Exports were predicted to suffer earlier this year due to tariffs imposed by the Trump administration.
Exports rose significantly from June despite a drop in outgoing shipments in the first half of the year as market confidence improved after the inauguration of the Lee Jae Myung government and uncertainty subsided after a trade deal with Washington.
The government said that it would endeavor to maintain momentum in the next year by boosting incentives to draw foreign investment to regional regions, diversifying export markets and goods, and enhancing the basic competitiveness of enterprises via industrial innovation.
For a second year in a row, the government also hopes to reach $700 billion in exports and over $35 billion in foreign direct investment.