The Ministry of Trade, Industry and Energy announced that as of 7:00 am on the 10th, the cumulative amount of exports this year has exceeded the record for annual exports.
As a result, this year, following last year, we recorded the highest export performance ever.
Korea recorded annual exports of $644.4 billion last year, breaking the previous record set in 2018 ($604.9 billion).
Cumulative exports for 344 days from January this year to this day increased by 6.8% from the same period last year, setting a record for two consecutive years.
The Ministry of Industry forecasts that annual exports will exceed 680 billion dollars this year.
But the prospects are not bright.
This is because Korea’s monthly exports have been showing negative growth for the past two consecutive months, and the export engine is cooling down.
Exports in October decreased by 5.7% compared to last year, turning negative for the first time in two years since October 2020, and the decline expanded by 14.0% in November.
It is the first time since March-August 2020 that exports have declined for two consecutive months.
This is due to the fact that exports of key items such as semiconductors, petrochemicals, and steel showed a marked decline from the second half of the year.
In particular, semiconductors, which account for the largest portion of Korea’s exports, maintained a double-digit export growth rate until the first half of the year, but decreased for four consecutive months from August.
The trade deficit with China continues to widen.
This is because exports to China of most items such as semiconductors, general machinery, and petrochemicals have decreased compared to last year.
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