Korea's yearly trade volume tops $1 trillion at fastest pace ever

Asia's Tech News Daily

Korea's yearly trade volume tops $1 trillion at fastest pace ever

gettyimagesbank

South Korea’s trade volume for this year surpassed the $1 trillion mark Tuesday on the back of solid export growth amid the global recovery from the pandemic, reaching the milestone at the fastest pace ever, the trade ministry said.

The country’s accumulated exports and imports totaled $1 trillion so far this year, with outbound shipments coming to $512.2 billion, according to the data by the Ministry of Trade, Industry and Energy.

South Korea made the achievement within the shortest period of time since 1956 when the country began compiling data on trade. The previous record was set on Nov. 16, 2018.

Last year, trade volume stood at $980.13 billion due to the fallout from the new coronavirus and trade disputes between the United States and China, the two major trading partners of South Korea. It was the first time in four years that South Korea missed the $1 trillion mark.

This year’s upbeat trade was attributable to robust growth in exports. In September, outbound shipments came to $55.8 billion, marking the highest monthly figure since 1956, and have extended their gains to 11 straight months.

Exports of semiconductors, petrochemical products and autos have led the overall gains as the global economic recovery has boosted demand, according to the ministry.

If this trend continues, the annual trade amount in Asia’s fourth-largest economy is expected to break the previous record to reach over $1.14 trillion this year, the ministry added. (Yonhap)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Bae Doo-na, Gong Yoo talk challenges of filming outer-space drama 'The Silent Sea'

Actors Gong Yoo, left, and Bae Doo-na in a scene from Netflix’s series “The Silent Sea” / Courtesy of Netflix By Kwak Yeon-soo Bae Doo-na and Gong Yoo, who play ... Read more »

New COVID-19 cases jump among Seoul children and teenagers

A man wearing protective gear sprays disinfectant around a Christmas tree as a precaution against the coronavirus in Seoul, Dec. 6. AP-Yonhap A total of 1,450 students from kindergarten to ... Read more »

Samsung Heavy Industries wins 734 bln won orders for 3 LNG carriers

By Nam Kwang-sik SEOUL, Dec. 7 (Yonhap) — Samsung Heavy Industries Co. said Tuesday that it has bagged two orders worth a combined 734 billion won (US$621 million) to construct ... Read more »

Samsung unveils new leadership, replaces all 3 CEOs

By Woo Jae-yeon SEOUL, Dec. 7 (Yonhap) — Samsung Electronics Co. on Tuesday replaced all three CEOs in a surprise move that the company said was intended to enhance competitiveness ... Read more »

Korea logs current account surplus for 18th straight month in October

gettyimagesbank South Korea logged a current account surplus for the 18th straight month in October, though the surplus was smaller than the previous month due to increased imports amid high ... Read more »

Over 70 pct of state budget to be frontloaded in first half of next year

SEOUL, Dec. 7 (Yonhap) — South Korea said Tuesday it has allocated 73 percent of fiscal spending for implementation in the first half of next year in a bid to ... Read more »

(LEAD) S. Korea logs current account surplus for 18th straight month in October

(ATTN: ADDS more info in paras 5, 9-10) SEOUL, Dec. 7 (Yonhap) — South Korea logged a current account surplus for the 18th straight month in October, though the surplus ... Read more »

Coronavirus: Number of critically ill patients at record high

A medical worker wearing personal protective equipment checks a COVID-19 patient inside the intensive care unit of the Bagae Hospital in Pyeongtaek, Gyeonggi Province, Dec. 1. EPA-Yonhap South Korea’s new ... Read more »

US will not send official delegation to Beijing Olympics: White House

White House Press Secretary Jen Psaki is seen answering questions in a daily press briefing at the White House in Washington on Monday in this image captured from the website ... Read more »

NK leader Kim urges nurturing people with 'absolute fidelity' to party

North Korean leader Kim Jong-un (C) convenes a politburo meeting of the country’s ruling Worker’s Party in Pyongyang on Dec. 1, 2021, in this photo released by the North’s official ... Read more »

S. Korea to host two-day UN peacekeeping ministerial forum

Read more »

[Reporter's Notebook] Difficulties ahead for Dayou

Namyang Dairy Product Chairman Hong Won-sik appears at a government audit in the National Assembly on Yeouido, Seoul, Oct. 8. Yonhap Dayou needs more than W150 bil. in external funds ... Read more »

S. Korea logs current account surplus for 18th straight month in October

SEOUL, Dec. 7 (Yonhap) — South Korea logged a current account surplus for the 18th straight month in October, though the surplus was smaller than the previous month due to ... Read more »

(URGENT) S. Korea logs current account surplus of US$6.95 bln in October: BOK

(END) Read more »

Liquidators called in after collapse of prominent Aussie crypto platform myCryptoWallet

Liquidators have been called in to wind up another prominent Australian crypto trading platform, with furious customers reportedly down thousands of dollars after being unable to access their accounts. Melbourne-based ... Read more »

(EDITORIAL from Korea Herald on Dec. 7)

Burden on future taxpayersLawmakers increase election year budget despite national debt nearing W1,000tr One of the most important roles for the legislature is to scrutinize the administration’s use of taxpayer ... Read more »

Migrants in Australia to be fast-tracked into jobs to fill shortages, Employment Minister Stuart Robert announces

Migrants already in Australia will be fast-tracked into jobs suffering skills shortages in a bid to meet urgent workforce needs. Employment Minister Stuart Robert will announce the plan to “widen ... Read more »

India's Nayara Energy to start polypropylene production jointly with Rosneft

According to the statement, both sides, appreciating the strength of the Indian petrochemical market, agreed to expand collaboration through Russian participation by way of investment, technological and other ways of collaboration in Indian petrochemical sector Read more »

Putin, Modi urge ministries to finalize talks on mutual protection of investments

The long-term target of the trade and economic relationship between the two countries is an increase by 2025 in bilateral trade to $30 bln and in mutual investment to $15 bln Read more »

First reactor pressure vessel dismantled in Sweden, says Rosatom

The work took 13 months Read more »

Nord Stream 2 can be put into operation only after certification — German ministry

Earlier, it was reported that if energy infrastructure operators want to use it before certification is complete, then penalties will be imposed Read more »

(LEAD) Samsung's Lee embarks on trip to UAE, Saudi Arabia to cement networks, seek biz opportunities

(ATTN: RECASTS headline, lead; ADDS photo; ADDS Lee’s remark in 3rd para) SEOUL, Dec. 6 (Yonhap) — Samsung Group’s de facto leader Lee Jae-yong left for the United Arab Emirates ... Read more »

Russian GAZ Group starts sales of cars in Australia

Sadko Next is the company’s first model on the Australian market Read more »

Indian PM notes ‘particular cooperation' between Russian Far East, Indian states

Long-term decisions are being taken in the economic area for promoting cooperation, Narendra Modi stressed Read more »

One quarter of gas injected this year has been withdrawn from European UGSF, says Gazprom

As of December 4, the European underground storage facilities were 66.78%, or slightly over 72 bln cubic meters full, which is 21.4 bln cubic meters lower than last year Read more »

S. Korea reports additional case of highly pathogenic bird flu

SEOUL, Dec. 6 (Yonhap) — South Korea reported an additional case of highly pathogenic avian influenza at a chicken farm Monday, bringing the total number of cases in poultry to ... Read more »

Putin to hold meeting with Italian business in early 2022, says minister

Denis Manturov also noted that in nine months of 2021 trade turnover between Russia and Italy gained 43% to 17 bln euro Read more »

Candidates from ‘third party' meet up, discuss runoff system

Rep. Sim Sang-jung from the Justice Party (left) and presidential candidate Ahn Cheol-soo show up at a hotel on Yeouido, Seoul on Monday to meet each other. (Yonhap)  Presidential candidate ... Read more »

'No K-pop on a dead planet': Activists urge entertainment companies to combat climate change

The “Sustainable K-Entertainment” conference was held at the National Assembly, Monday. Courtesy of Kpop4Planet By Dong Sun-hwa Some 10,000 K-pop fans from 83 countries have called on major entertainment companies ... Read more »

Mirae Asset Securities names new chairman

Mirae Asset Securities Chairman Choi Hyun-man / Courtesy of Mirae Asset Securities By Lee Min-hyung Mirae Asset Securities promoted former Vice Chairman Choi Hyun-man to chairman in a year-end reshuffle ... Read more »

Parents cry foul over 'forced' vaccination

A sign at a public library in Seoul notifies people that vaccine pass is required to use the facility starting Monday. Yonhap Omicron variant feared to spread nationwide By Bahk ... Read more »

Uncertainties linger on Omicron, Evergrande default risks

A dealer passes by an electronic board at a dealing room of Hana Bank headquarters in Seoul, Monday. Yonhap Won loses more ground again US dollar By Lee Min-hyung More ... Read more »

Samsung renews M&A approach amid antitrust concerns

Samsung Electronics Vice Chairman Lee Jae-yong, left, poses with Google CEO Sundar Pichai on the sidelines of his visit to Google headquarters in Mountain View, Calif., Nov. 22. Courtesy of ... Read more »

Kakao considers acquiring crypto asset platform 'MiL.k'

A worker walks in the office of Kakao’s headquarters in Seongnam, Gyeonggi Province, in this 2014 file photo. Korea Times file By Kim Jae-heun Kakao Group is considering acquiring a ... Read more »

Actors share their experiences as directors in 'Unframed'

From left, actor-directors Park Jeong-min, Son Suk-ku, Choi Hee-seo and Lee Je-hoon pose during an online press conference for their “Unframed” project, Monday. Courtesy of Watcha By Kwak Yeon-soo Actor ... Read more »

S. Korea eyes early implementation of eased capital gain taxes on home sales

SEOUL, Dec. 6 (Yonhap) — South Korea said Monday it seeks the early implementation of a revised act that will raise the tax exemption limit for capital gains of property ... Read more »

Large firms urged to collaborate with startups as digital era survival tactic

gettyimagesbank ‘Corporate venturing’ practice provides 7-step solution By Yi Whan-woo Rapidly changing business trends in the digital era are threatening the survival of several conglomerates that remain stuck in a ... Read more »

Gov't financial Institution staff concerned over relocations as election season heats up

Photo taken in front of the Bank of Korea in central Seoul / Yonhap By Kim Hyun-bin The ruling Democratic Party of Korea’s (DPK) move to relocate state-owned financial institutions ... Read more »

Samsung Life faces possible probe over violating shareholder law

Samsung Life Insurance’s headquarters in southern Seoul / Yonhap By Kim Bo-eun Samsung’s life insurance unit, currently facing punitive measures by financial authorities for violating shareholder regulations, could come under ... Read more »

Canceled reservations

The calendar of a restaurant owner in Seoul shows that reservations made for December have been canceled, Monday, after the government tightened its COVID-19 social distancing measures to only allow ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic