S. Korea's yearly trade volume tops $1tr at fastest pace ever

Asia's Tech News Daily

S. Korea's yearly trade volume tops $1tr at fastest pace ever
(Yonhap)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

New Trading Week Starts Slow, Markets Up

Monday, December 6, 2021We begin a new trading week quietly, following a mixed Jobs Report Friday which confused analysts with fewer than half the amount of new positions filled last ... Read more »

5 Hot ETFs of Last Week Amid Market Rout

The broad market rout last week made equity ETFs attractive as investors jumped to buy on the dip. This is especially true as ETFs overall gathered about $19.8 billion capital ... Read more »

Intercontinental Exchange's (ICE) November ADV Increases Y/Y

Intercontinental Exchange ICE reported a solid average daily volume (ADV) for November 2021. The ADV of 6.1 million contracts per day was up 11.3% year over year, driven by higher ... Read more »

3 Reasons to Sign Up for DocuSign Stock

Sellers couldn’t unload DocuSign (NASDAQ: DOCU) fast enough on Friday. When the carnage was over, the once pandemic superstar saw nearly $100 cut from its share price and approximately $20 ... Read more »

CDW Closes Sirius Buyout, Boosts Managed Services Capabilities

CDW Corporation CDW recently announced the completion of the previously-announced acquisition of Sirius Computer Solutions, Inc., a leading provider of secure, mission-critical technology-based solutions. The company had entered into a ... Read more »

Cboe Global (CBOE) November Volume Increases Year Over Year

Cboe Global Markets CBOE reported multiply-listed options average daily volume (ADV) of 11.4 million contracts for November, up 24.4% year over year, driven by solid performance in Options, as well ... Read more »

Should You Buy the Dip in Salesforce.com?

The shares of cloud-based enterprise software provider Salesforce (CRM) experienced their steepest price decline since the onset of the pandemic after the company posted disappointing earnings guidance for its fiscal ... Read more »

Yamana Gold (AUY) Ups Gold Production Target on Mine Exploration

Yamana Gold Inc. AUY recently provided an update on the Wasamac, Odyssey and Jacobina mine exploration projects.Based in Quebec, Wasamac is a development-stage underground gold project. Yamana discovered a new ... Read more »

Stocks making the biggest moves midday: American Airlines, Kohl's, Lucid Group and more

A jet from American Eagle, a regional branch of American Airlines (AA), takes off past other AA aircraft at Ronald Reagan Washington National Airport in Arlington, Virginia, December 3, 2021.Chris ... Read more »

Guardian under pressure to stop spilling red ink

Guardian news publisher newspaper The trust fund owner of the Guardian has put pressure on the news organisation to balance the books by signalling that it no longer wishes to ... Read more »

Twitter's new photo policy abused by white nationalists to hide their identities

TWITTER-FLEETS (AP) Twitter mistakenly suspended numerous accounts after right-wing activists took advantage of a change in its photo policy. The company introduced a new rule that allowed someone whose photo ... Read more »

Rohingya sue Facebook for £150bn over Myanmar genocide

Photograph: Tanbirul Miraj Ripon/EPA Victims in US and UK legal action accuse social media firm of failing to prevent incitement of violence Facebook’s negligence facilitated the genocide of Rohingya Muslims ... Read more »

Guide to wedding loans

(Pexels) With the average cost of a wedding in the UK having shot through the £30,000 mark, funding your nuptials is no easy feat. Bills are on the up, according ... Read more »

Rising gas and electricity bills to push inflation over 5% next year, says BoE deputy governor

‘When the next rise in the Ofgem cap on gas and electricity bills comes through, it will probably climb comfortably through 5%, a long way north of the MPC’s 2% ... Read more »

More than 300 Spar shops in north of England hit by cyberattack

Photograph: Jane Mingay/PA ‘Total IT outage’ at convenience stores forced them to shut or accept cash payments only More than 300 branches of the convenience store chain Spar in the ... Read more »

European regulators propose check for anti-lightning flaw on some A350 jets

FILE PHOTO: An Airbus A350 jet airliner takes off during a demonstration flight at the MAKS-2019 air show in Zhukovsky By Tim Hepher and Rajesh Kumar Singh PARIS/CHICAGO (Reuters) – ... Read more »

In middle Australia, rosy wealth data can hide a world of pain

Photograph: James Ross/EPA Boosted incomes pre-pandemic haven’t been able to dent the effects of inequality, poverty and casualisation The latest Household, Income and Labour Dynamics in Australia (Hilda) survey, released ... Read more »

Cyber attack hits Spar stores forcing some to close

A number of Spar convenience stores have been forced to shut after the retailer faced a cyber attack on its systems. More than 300 stores have been affected by the ... Read more »

ECB to redesign euro banknotes in inclusion effort

FILE PHOTO: European Central Bank (ECB) headquarters building is seen in Frankfurt FRANKFURT (Reuters) – The European Central Bank said on Monday it plans to redesign the euro's banknotes over ... Read more »

UK housebuying in 2021 poised to be busiest since 2006

Photograph: Geoffrey Swaine/Rex Figures from trade body UK Finance show prediction of Covid-era sales slump were wildly inaccurate This year is on course to be the strongest for home-buying activity ... Read more »

Brits spending £121 on petrol and electricity a week

An average 55 litre tank of petrol costs £81 in the UK. Photo: Getty Images Petrol and electricity in the UK is among the most expensive in Europe, a new ... Read more »

WhatsApp adds more options for disappearing messages as it aims to make chats more private

(AFP via Getty Images) WhatsApp has added new disappearing messages tools, as it looks to make conversations more private. The new options will allow people to turn on disappearing messages ... Read more »

U.S. natural gas plummets more than 10%, following worst week since 2014

A liquid natural gas (LNG) storage silo at the LNG terminal, operated by LNG Croatia LLC, in Krk, Croatia, on Monday, Jan. 25, 2021.Petar Santini | Bloomberg | Getty Images ... Read more »

Brussels attack on gig economy sends takeaway shares tumbling

Deliveroo Brussels is preparing to force “gig economy” companies to give workers extra rights regardless of how their contracts are worded in a blow for one of the fastest growing ... Read more »

MP calls for Yorkshire Building Society vice-chair to quit over LV= role

Photograph: Yorkshire Building Society/PA Chair of parliamentary mutuals group questions commitment of Alison Hutchinson to the sector The vice-chair of Yorkshire Building Society faces calls to resign over her role ... Read more »

Auto Trader reveals Britain's top 10 most popular secondhand cars

Britain is in the middle of a used car market boom (Autotrader) Britain is in the middle of a used car market boom. It is all to do with semiconductors ... Read more »

Analysis-Clear or confused? Central banks' communication skills set for ultimate test

1 / 4Analysis-Clear or confused? Central banks’ communication skills set for ultimate testFILE PHOTO: ECB President Lagarde takes part in a news conference, in Frankfurt By Dhara Ranasinghe and Sujata ... Read more »

Chinese rover spots strange ‘mystery house' on the dark side of the Moon

(CSNA/Siyu Zhang/Kevin M. Gill – ChangE-4, Yutu-2) China’s Yuta 2 rover has spotted a “mystery house” on the far side of the Moon. The strange cube was spotted on the ... Read more »

Franco Manca owner reports profits ahead of pre-pandemic levels

Photograph: Greg Balfour Evans/Alamy The Fulham Shore, which also owns the Real Greek, says return of office workers has boosted trading The owner of the Real Greek and Franco Manca ... Read more »

Almost $12,000 wiped off value of bitcoin in weekend ‘thumping'

Photograph: Arnd Wiegmann/Reuters Cryptocurrency settles to just below $50,000 after record-high last month, in continuation of recent volatility The value of bitcoin has suffered a “thumping”, losing more than one-fifth ... Read more »

UK inflation likely to exceed 5% in 2022, says Bank of England

Photograph: Simon Dack/Alamy Monetary policy chief Ben Broadbent says pressures will include rise in energy price cap The Bank of England’s monetary policy chief has warned that inflation is likely ... Read more »

British supermarket chain Tesco facing pre-Christmas strikes

FILE PHOTO: A man looks at products on a shelf inside a Tesco Extra superstore near Manchester LONDON (Reuters) – Workers at several Tesco distribution centres across Britain are set ... Read more »

State pension correction exercise should be expanded, says former minister

The scope of a correction exercise putting right state pension underpayments should be expanded, a former pensions minister has said. Sir Steve Webb, a former Liberal Democrat pensions minister who ... Read more »

Inflation could ‘comfortably exceed' 5% by spring, warns Bank deputy governor

UK inflation could “comfortably exceed” 5% by the spring when energy bills are set to rise again, the Bank of England’s deputy governor has warned. In a speech in Leeds, ... Read more »

If you have a child with special needs, here's how to plan for their life after you pass

Maskot | Maskot | Getty Images For parents who have a child with special needs, planning for their loved one's life after they themselves are gone can be overwhelming. Breaking ... Read more »

OPINION - The Bank of England now has two masters. It can't be slave to both

(Natasha Pszenicki) Fans of Dr Dolittle might think they know what a Pushmi-Pullyu is. The Rex Harrison movie of 1967 portrayed the Pushmi-Pullyu as a two-headed llama. Yet the original ... Read more »

France to mimic Musk with own SpaceX-style launcher, minister says

1 / 2France to mimic Musk with own SpaceX-style launcher, minister saysFILE PHOTO: SpaceX Falcon 9 rocket, with the Crew Dragon capsule, is launched carrying four astronauts on a mission ... Read more »

NCLT admits Reserve Bank's plea for insolvency proceedings against Reliance Capital

The National Company Law Tribunal (NCLT) on Monday admitted the Reserve Bank‘s plea to initiate insolvency resolution proceedings against Reliance Capital. Last week, the Reserve Bank of India (RBI) filed ... Read more »

Electric vehicle boom fuels rise in UK new car sales

Photograph: William Barton/Alamy November increase is first in four months year on year but sales are still down on pre-Covid levels The number of new cars sold in the UK ... Read more »

BP backs adding WTI Midland oil to Brent oil benchmark, document says

The BP logo is seen at a BP gas station in Manhattan, New York City By Julia Payne LONDON (Reuters) -BP supports adding U.S. crude oil grade WTI Midland on ... 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