The Ministry of Commerce, Industry and Energy announced that as of 7:00 am today, this year’s cumulative exports surpassed the annual export record.
As a result, this year, after last year, we have the highest export performance ever.
Korea had annual exports of $644.4 billion last year, breaking the previous record set in 2018.
Cumulative exports for 344 days from January to date increased by 6.8% over the same period last year, setting a record for two consecutive years.
The industry ministry expects annual exports to exceed $680 billion this year.
However, as Korea’s monthly exports have shown negative growth for the past two consecutive months, the export engine is cooling down and the outlook is bleak.
October exports fell 5.7% from last year, turning negative for the first time in two years since October 2020, followed by a 14.0% drop in November, broadening the decline.
It is the first time since March-August 2020 that exports have decreased for two consecutive months.
This is because exports of key items such as semiconductors, petrochemicals and steel have shown a sharp decline since the second half of the year.
YTN Lee Dong-woo ([email protected])
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