Korea’s trade volume surpasses USD 1 trillion
Nov. 27, 2018
Global Korean Post
By Oh Hyun Woo and Hahm Hee-eun
Korea’s annual cumulative trade volume exceeded USD 1 trillion, due to increases in high-value added products, diversification of export goods and expansion of newly emerging markets.
According to the statistics reported by the Ministry of Trade, Industry and Energy (MOTIE) and the Korea Customs Service (KCS), the annual cumulative trade volume surpassed USD 1 trillion at 1:24 p.m. on Nov. 16. This is the fastest pace of increase since trade statistics were first recorded in 1957. The trade ministry forecasts that the trade volume will further increase to USD 1.1 trillion within this year.
According to the cumulative data, Korea’s 13 major export items, such as memory chips, general machinery, petrochemicals and chemical products, exceeded previous records. The export volume of each item jumped 36.2%, 12.6%, and 15.0%, from January to October from a year ago. The positive growth rate of current global manufacturing industries and the rising oil prices are considered as the main reasons for such results.
Furthermore, the export volume of high-value added products, such as the next-generation storage devices and multi-chip module items, have also increased by 13.5% and 33.6%. Increased exports of promising consumer goods, such as cosmetics and pharmaceuticals, added variety in export items.
The ministry said that the government played a huge role in achieving the record. Despite difficult conditions amid trade conflicts between the U.S. and China, the government expanded the scale of support for export companies, and the trade insurance service for new emerging markets.