The Ministry of Trade Industry and Energy (MOTIE) and the Korea Customs Service (KCS) announced yesterday that annual accumulated exports surpassed $600B USD.
Korea’s exports grew at an annual average of 16.1% from 1948 to 2017, more than 30,000 times over 69 years. Breaking $600B USD is the first since the country began exporting in 1948. South Korea is the seventh country to achieve this feat in exports after the US, Germany, China, Japan, Netherlands, and France.
This year, Korea’s export ratio, which accounts for 3.4% of the world’s exports, is also solidifying its status as the world’s sixth-largest exporter.
Korea’s export promotion this year is seen to have contributed greatly to the continued positive trend of major items such as semiconductors, general machinery, and petrochemicals, as well as the activity of future export drivers such as new industries and consumer goods.
The steady increase in exports to emerging markets in ASEAN, India, and CIS is increasing compared to 2011 is a contributing factor to Korea’s growth.