Achieved $1 Trillion in Trade in 299 Days Despite COVID-19 Crisis...Shortest Period Ever

The 58th 'Trade Day' Commemoration Ceremony

Re-entered 8th Place Globally in Trade Volume for the First Time in 12 Years as of Q3
Expected to Achieve Record High Trade and Export Volume This Year

(Photo) [Image source=Yonhap News]

[Asia Economy, Reporter Joo Sang-don] Despite challenging conditions such as the prolonged COVID-19 pandemic and global supply chain bottlenecks, Korea's trade this year has achieved the shortest-ever period to reach 1 trillion dollars in trade and is on track to achieve the largest trade and export volume in history.

According to the Ministry of Trade, Industry and Energy on the 6th, Korea surpassed 1 trillion dollars in trade on October 26. This is about three weeks faster than the previous shortest record set on November 18, 2018.

Korean exports, which began recovering since last November, have recorded positive export growth for 13 consecutive months through last month, showing a steady recovery trend. Last month, monthly export volume exceeded 60 billion dollars for the first time, indicating an expanding export trend in the second half of the year. In July, September, and November, Korea set the highest monthly export records in trade history three times.

As of the cumulative total in November, exports increased by 26.6% year-on-year to 583.8 billion dollars, and imports rose by 30.9% to 553.7 billion dollars. The total trade volume reached 1.1375 trillion dollars, and the trade surplus was 30.1 billion dollars, marking 13 consecutive years of surplus.

This year, exports grew evenly across various items including key products, new growth items, and consumer goods. First, by activating the non-face-to-face economy, leveraging strengths in the IT industry, and maintaining a super-gap strategy, key industries such as semiconductors, shipbuilding, and smartphones have led global number one competitiveness, serving as a strong pillar for Korea's exports. Semiconductors surpassed 100 billion dollars in cumulative performance by October, maintaining a super-gap with a 58.4% global market share in memory semiconductor sales as of the first half of this year. Shipbuilding orders increased by 284% compared to the same period last year as of October cumulative, with 63% of global high value-added ship orders, competing with China for the number one position worldwide. Smartphones achieved the world's number one market share for Korean companies for the first time ever this year, with 21.2% as of Q3.

The annual export value of BIG3 industries such as system semiconductors, eco-friendly vehicles, and bio-health, as well as promising items like secondary batteries and OLED, is expected to reach record highs, indicating a rapid generational shift in export items.

In addition to the existing three major markets of the United States, China, and the European Union (EU), exports to new overseas markets such as the New Southern Region and Latin America have expanded significantly, diversifying export strategy markets. In particular, exports to the ASEAN market, where many Korean companies have production bases, increased mainly in intermediate goods, with cumulative exports to the New Southern Region reaching 111.9 billion dollars by November, up 23.6% year-on-year. The annual export volume is also expected to reach a record high. The Latin American market recorded the highest growth rate among nine regions with a 36.2% increase in exports by November, supported by a significant expansion of automobile exports through the Korea-Central America FTA.

Minister Moon Seung-wook of the Ministry of Trade, Industry and Energy said, "The annual trade volume this year is expected to exceed 1.25 trillion dollars, and annual export volume is also expected to surpass 640 billion dollars, setting a new record. We will thoroughly manage export risks and actively support the resolution of difficulties faced by export companies, concentrating all capabilities and policy measures to sustain the current export momentum along with achieving the highest annual export performance this year."

On this day, the Ministry of Trade, Industry and Energy and the Korea International Trade Association held the 58th Trade Day ceremony at COEX in Seoul, attended by over 300 people including trade contributors and heads of government and related organizations. At the event, 597 trade contributors were awarded for their contributions to achieving this year's best export performance, and 1,573 export companies received the Export Tower awards.

The highest honor, the Gold Tower Order of Industrial Service Merit, was awarded to two small and medium enterprise CEOs including Kim Ki-ok, CEO of Genolution, who showed outstanding achievements in export increase, job creation, and social contribution, as well as one mid-sized company CEO and one executive each from large companies.

The highest export tower, the "110 billion dollar tower," was awarded to Samsung Electronics, and 70 companies including Studio Dragon Co., Ltd. (100 million dollars, drama content) received the "100 million dollar tower" or higher awards.

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