Korea’s ‘7th largest export country’ despite a 5.5% decline in exports last year

Among the world’s top 10 export countries last year, exports from all countries except China declined compared to the previous year, but Korea showed the second smallest decline.

According to the World Trade Organization, the exports of goods from the top 10 export countries last year amounted to 9,188.3 billion dollars, down 5.1% from the previous year.

By country, exports of China, the world’s largest exporter, amounted to $2.5911 billion last year, up 3.7% from a year ago.

On the other hand, exports to the United States fell 12.9% year-on-year to $1.43 trillion, showing a double-digit decline, while Japan’s declined 9.1%.

Korea, the seventh largest export country in the world, recorded a 5.5% decrease in exports of goods last year to USD 522.5 billion from a year ago, but the decline was the second smallest among the top 10 export countries after the Netherlands.

This can be interpreted as the result of a recovery trend in exports, mainly for major items such as semiconductors and automobiles, from the second half of last year.

According to the Ministry of Trade, Industry and Energy, Korea’s monthly exports last year continued a negative march compared to the same period last year for six consecutive months since March, when Corona 19 began to spread in earnest.

However, it rebounded successfully in September, and showed a downward growth in November and December, except for October, when the number of working days was short.

In this year’s economic policy direction, the government predicted that “the trend of improvement will continue, centering on new industries such as semiconductors and electric vehicles, in accordance with economic recovery in major countries.”

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