Korea to achieve trade volume of $1 trillion this week, with exports at record high

[Photo by Han Joo-hyung]

South Korea’s trade volume is expected to reach $1 trillion this week before the year ends on record exports.

According to the data from the Ministry of Trade, Industry and Energy and Korea Customs Service, the country’s trade volume totaled $980.8 billion from January to Oct. 20, with exports standing at $501.8 billion and imports $479 billion.

Given the average $3.5 billion daily trade volume from Oct.1 to Oct.20, the country would be able to exceed the $1 trillion mark on Tuesday. It would be the fastest achievement of the annual trade goal since records began being kept in 1956.

The previous fastest record was set on Nov.16 in 2018.

“Exports have been breaking monthly records and trade volume is expected to surpass $1 trillion won within this month,” said President Moon Jae-in in his speech at the National Assembly on Monday.

[Photo by MK DB]

Annual trade volume in South Korea exceeded $1 trillion for the first time in 2011 and maintained the level for four consecutive years. It slumped to below $1 trillion in 2015 and 2016 and picked up to surpass the threshold from 2017 to 2019, but fell below the mark again last year due to the impact of the pandemic.

On fast recovery of international trade, the country’s overseas shipments hit a monthly record high at $55.83 billion in September.

Exports have extended winning streak for 11 straight months since November this year, and the year-over-year growth has remained in double-digit figures for seven months in a row.

Daily exports last month also hit an all-time high at $2.66.

Thanks to the brisk shipments of the nation’s mainstay items such as chips, petroleum products and machinery, the country is on track to achieve the highest annual trade volume this year. It recorded the largest trade in 2018 at $1.14 trillion won, with exports also reaching an all-time high at $604.9 billion.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]