Seoul: South Korea's annual exports surpassed USD 700 billion for the first time, making it the sixth country in the world to achieve this milestone.
According to Qatar News Agency, citing data from the Ministry of Trade, Industry and Energy in cooperation with the Korea Customs Service, the value of exports exceeded USD 700 billion, putting South Korea on a list that includes the US, Germany, China, Japan, and the Netherlands.
The ministry said this advancement reflects a faster pace of growth in Korean exports compared to major economies, noting that the country was the seventh in the world to reach USD 600 billion in annual exports in 2018, before now advancing to sixth place by surpassing the USD 700 billion threshold.
The government attributed this strong performance to a significant increase in semiconductor shipments, along with growth in exports from other key sectors such as automobiles, shipbuilding, and bio-related products.
On a geographic level, the share of exports bound for the United States and China declined as a proportion of total shipments, while exports to other Asian countries, the European Union, and Central and South America increased, indicating a growing shift toward market diversification.
Exports by small and medium-sized enterprises also hit record highs in terms of both value and number of exporting companies through the end of September, according to the ministry.
An official from the ministry said that despite challenges stemming from US tariff measures and rising global protectionism, Korea was able to turn these challenges into opportunities, reflecting the resilience of the national economy and Korean companies.
Early in the year, forecasts had pointed to a potential decline in exports amid the tariff measures imposed by the Donald Trump administration, but exports regained momentum from June as market confidence improved following the inauguration of the Lee Jae-myung administration and uncertainties eased after a trade agreement with Washington was concluded.
The government said it intends to continue this momentum into the coming year by strengthening the competitiveness of industries through innovation in manufacturing, diversifying export markets and products, and expanding incentives to attract foreign investment to various regions.
It also aims to achieve exports worth USD 700 billion and attract more than USD 35 billion in foreign direct investment for the second consecutive year.