SC Group "Korea's Export Scale Nears 1 Trillion by 2030, China Remains Top Market"

'The Future of Trade 2030: Key Trends and Markets to Watch'
South Korea's Export Growth Rate Expected to Average 7.1% Annually
"Machinery and Telecommunications Equipment to Account for About Half of Total Exports"

'The Future of Trade 2030: Key Trends and Markets' Report Cover. Photo by SC Group Website.

[Asia Economy Reporter Song Seung-seop] It is forecasted that South Korea's export volume will approach 1 trillion dollars by 2030. Standard Chartered (SC) Group predicted that South Korea's major export markets during this period will be China, the United States, and Vietnam, in that order. They also anticipated that the machinery and electrical/electronic sectors will account for about half of the total exports.

According to industry sources on the 25th, SC Group recently released a report titled "The Future of Trade 2030: Trends and Markets to Watch," revealing these insights. The report was created based on trade data analysis, forecast materials, and surveys of over 500 global corporate executives conducted by Singapore, commissioned by SC Group.

The report projected that the global export volume will increase by about 70% over ten years, from $17.4 trillion last year to $29.7 trillion in 2030. During this period, South Korea is expected to record an average annual export growth rate of 7.1%. The export volume is also expected to nearly double, growing from $489 billion to $972 billion.

In 2030, South Korea's major export market will be China, with an expected annual growth rate of 7.7%, reaching $279 billion, securing an overwhelming first place. The United States follows with $131 billion, then Vietnam ($104 billion), and Hong Kong ($54 billion). India is expected to sustain the fastest annual growth rate of 10.6% among South Korea's export markets, with export volume reaching $33 billion.

From the perspective of export industries, machinery and electrical/electronics led by semiconductors and communication equipment are expected to grow at an average annual rate of 7.4%, accounting for 48% of total exports. Metals and minerals are also estimated to occupy 16% globally due to active infrastructure investment, urbanization, and increased consumption. Notably, South Korea is emerging as a hub for biotechnology and pharmaceutical development, and with rising regional demand for petrochemical products, the chemical and pharmaceutical sectors are projected to experience a steep growth rate of 7.8%.

Additionally, 35% of global companies responded that they currently have or plan to establish manufacturing and procurement bases in South Korea within the next 5 to 10 years. Furthermore, 90% of corporate leaders answered that five major trends (▲expansion of sustainable fair trade practices ▲pressure for inclusive participation ▲diversification of risks ▲digitalization expansion ▲rebalancing towards high-growth emerging markets) will determine the future of trade.

Simon Cooper, Head of Corporate Finance at SC Group, emphasized, "The forecasted increase in global trade volume proves that regional and global trade will be actively conducted," adding, "We plan to continuously develop inclusive finance support models to foster growth in diverse markets and companies and to expand global trade."

This content was produced with the assistance of AI translation services.