Korea maintains 7th place in export rankings last year… World share is 3.1%

Containers stacked in the yard at Sinseondae Pier, Dong-gu, Busan. /News1 DB © News1 Reporter Juyeon Yeo

Korea ranked 7th in global exports last year, maintaining the same ranking as the previous year. Exports from major countries excluding China declined due to the aftermath of the novel coronavirus infection (Corona 19), but Korea showed a relatively good rate of decline and there was no change in ranking.

According to the World Trade Organization’s’Trade Trends of Major Countries in 2020′ by the World Trade Organization (WTO) on the 28th, Korea ranked 7th with $51.49 billion in exports of goods last year, and 9th in the combined export and import trade rankings. Kept.

Exports decreased by 5.5% from the previous year, but the ranking was the same as in 2019. Last year, there was a monthly decline of close to 20% at one time, but this is due to the recovery trend, mainly in semiconductors and automobiles, since the second half of the year.

Korea’s share of exports in the world was 3.1%, higher than in 2019 (+2.9%).

Korea’s export decline is the fourth-best among the top 10 countries. While exports of most countries declined, China (+3.7%) and Hong Kong (+2.6%), a special autonomous region in China, increased year-on-year, and the decline in the Netherlands was only -4.8%.

However, with the exception of Hong Kong and the Netherlands, which are intermediary trading partners, Korea’s export decline is actually the second best. Hong Kong’s share of re-exports is 89%, and the Netherlands also accounts for 44%.

The United States, second place, fell by 12.9% compared to the previous year, and France, with a decline of 14.5%, the largest decline among major countries. In addition, Japan (-9.1%), Germany (-7.3%), and Belgium (-6.2%) were also hit hard by Corona 19.

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According to the WTO, the exports of goods (including Hong Kong) of the top 10 exporting countries last year totaled $9,183.7 billion, down 5.1% from the previous year.

Among them, China maintained the overwhelming first place with $2,591.1 billion. In particular, even in the aftermath of Corona 19, exports increased by 3.7% compared to the previous year. Among the top 10 export countries, China is the only country with an increase in exports except for Hong Kong (+2.6%).

After China, the United States, Germany, the Netherlands, and Japan followed the order of the top five countries as before. In 2019, Hong Kong, which was ranked 9th, changed positions to 6th and France, which was 6th, changed positions to 9th, and Korea, which was 7th, and Italy, which were 8th, remained unchanged. Britain, which was ranked 10th last year, was not included in the top 10 countries, and Belgium entered the country.

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