South Korea becomes sixth country to top $700B exports
South Korea’s annual exports surpassed US$700 billion for the first time on Monday, making it the sixth country globally to reach the milestone, according to government data.
Outbound shipments crossed the mark at 1:03 p.m., based on figures from the Ministry of Trade, Industry and Resources and the Korea Customs Service, News.Az reports, citing Yonhap.
The country joined the United States, Germany, China, Japan, and the Netherlands in achieving this milestone.
South Korea was previously the seventh nation to reach $600 billion in exports in 2018 but has now become the sixth to hit $700 billion, reflecting faster export growth compared with other major economies. The ministry attributed the strong performance to robust shipments of semiconductors, automobiles, ships, and bio-related products.
Regional data showed a decline in exports to the US and China as a share of total shipments, while shipments to other Asian countries, the European Union, and Central and South America increased, highlighting a trend toward market diversification. Small and medium-sized enterprises also set records in both export value and the number of participating companies through September.
“Despite a challenging trade environment marked by US tariffs and protectionism, South Korea turned a crisis into an opportunity, underscoring the resilience of our people and businesses,” a ministry official said.
Exports had been expected to struggle earlier this year due to tariff measures, with a decline in the first half. However, shipments rebounded sharply from June as market confidence improved following the inauguration of the Lee Jae Myung administration and a trade agreement with Washington.
The government plans to sustain momentum next year by strengthening industrial competitiveness through manufacturing innovation, diversifying export markets and products, and expanding incentives to attract foreign investment to regional areas. It also aims to maintain $700 billion in exports and secure over $35 billion in foreign direct investment for a second consecutive year.
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