Business · Trade · 2 hrs ago
South Korea’s exports reach $930 billion, nearing $1 trillion
South Korea’s exports reached $930 billion in January–October, the first time they have topped $900 billion.
The total was 60.6% higher than in the same period last year, according to the Ministry of Trade, Industry and Energy.
October exports alone were $1,152.8 billion, up 93.7% from a year earlier.
Strong demand for semiconductors helped drive the increase, while biotechnology and cosmetics also performed well.
South Korea is still $700 billion short of $1 trillion in annual exports.
If the pace continues, it is expected to reach that mark this month, becoming the fourth country to do so after the United States, China and Germany.
South Korea’s exports reached $930 billion in the first 10 months of the year, the first time they have exceeded $900 billion.
The total was up 60.6% from the same period a year earlier, according to the Ministry of Trade, Industry and Energy.
Exports in October rose 93.7% year on year to $115.28 billion, the second consecutive month above $110 billion.
Semiconductors led the increase, while biotechnology and cosmetics also performed strongly.
At the current pace, South Korea is expected to become the fourth country to record $1 trillion in annual exports, after the United States, China and Germany.
- Who
- South Korea.
- What
- Its exports reached $930 billion in the first 10 months of the year, putting it within reach of $1 trillion in annual exports.
- When
- The figures were announced on November 1 and cover January through October.
- Where
- South Korea.
- Why
- The increase was driven by a semiconductor boom, with biotechnology and cosmetics also performing strongly.
This story does not have two clearly opposing sides.
South Korea’s annual exports first exceeded $100 billion.
The Ministry of Trade, Industry and Energy reported that exports from January through October reached $930 billion.
South Korea was expected to reach $1 trillion in annual exports if the trend continued.
- January–October exports
- $930 billion
- Year-on-year growth
- 60.6%
- October exports
- $115.28 billion
- October year-on-year growth
- 93.7%
- Amount remaining to $1 trillion
- $70 billion
1 source
What people are saying
I thank the businesspeople and workers on the production floor for their hard work.
The government will work harder to expand the economic territory in which you operate through practical diplomacy in the national interest.