Korea's Exports Expected to Reach Record $680 Billion This Year...Trade Merit Awardees Recognized

59th Trade Day Ceremony Held
Achieved $1 Trillion Trade in Record Shortest Time
Export Ranking Rises to 6th Place

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] Despite the global economic slowdown and the expansion of trade deficits caused by soaring energy prices this year, South Korea's exports are expected to reach a record high of $680 billion in 2023. The export ranking also rose by one step compared to last year, securing 6th place. The government explained that this achievement is meaningful given the difficult conditions, including increased external uncertainties.

The Ministry of Trade, Industry and Energy and the Korea International Trade Association announced on the 5th that they held the 59th Trade Day ceremony at COEX in Seoul, attended by over 1,000 people including trade contributors, government officials, and heads of related organizations. This year, South Korea achieved the fastest-ever $1 trillion in trade and recorded the highest export performance in four major regions: the Association of Southeast Asian Nations (ASEAN), the United States, the European Union (EU), and India. Exports to ASEAN reached $115.6 billion, the U.S. $100.4 billion, the EU $61.8 billion, and India $17.4 billion.

In particular, the ASEAN region saw increased demand for items such as semiconductors, displays, and petroleum products, setting a record for the second consecutive year. Exports to the U.S. also increased due to growing demand for eco-friendly vehicles and infrastructure investments, boosting exports of automobiles, secondary batteries, and machinery. In the case of the EU, the total export amount including this month's figures is expected to set a new record. South Korea ranked 6th in export rankings this year. Although the global economy slowed due to interest rate hikes in major countries, causing export growth rates worldwide to decline compared to the previous year, South Korea's export growth rate surpassed that of manufacturing-based export powerhouses such as Japan, Germany, and Italy.

The government plans to establish a dedicated support system so that all ministries can perform export support functions and strengthen the export support capabilities of related organizations. Export support project budgets will be executed early in the first half of next year, and efforts will continue to identify and improve on-site difficulties faced by export companies. In particular, efforts to reduce energy imports through energy efficiency improvements and the spread of alternative fuels will be actively promoted. To leap into the top five export powers, mid- to long-term measures such as supporting the implementation of investment plans to strengthen the fundamental competitiveness of South Korea's export industries, regulatory innovation, and expanded research and development (R&D) support will be promoted through export strategy meetings and other channels.

Meanwhile, on this day, the government awarded 597 trade contributors (including 2 organizations) who contributed to achieving the best export performance this year and presented the Export Tower awards to 1,780 export companies. The Gold Tower was awarded to Daesung Hightech, which domesticated Swiss-type automatic lathe technology?previously dominated by three Japanese companies, Star, Citizen, and Tsugami, who controlled 75% of the global market?and pioneered the overseas machine tool industry market. Samsung Electronics was recognized for achieving an unprecedented $120 billion export performance and was awarded the '120 Billion Dollar Tower.'

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