Bug Crowd Reports

Main Menu

  • Export
  • Force Majeure
  • Limited Flexibility Exchange Rate System
  • Price Discovery
  • Fund

Bug Crowd Reports

Header Banner

Bug Crowd Reports

  • Export
  • Force Majeure
  • Limited Flexibility Exchange Rate System
  • Price Discovery
  • Fund
Export
Home›Export›South Korea’s Exports Increase 25.8% YoY in 2021, Highest in 11 Years

South Korea’s Exports Increase 25.8% YoY in 2021, Highest in 11 Years

By Merry Smith
January 1, 2022
0
0


A truck drives between shipping containers at a container terminal at Incheon Port in Incheon, South Korea, May 26, 2016. REUTERS / Kim Hong-Ji

Register now for FREE and unlimited access to Reuters.com

Register

  • Exports 2021 + 25.8% year-on-year to record $ 644.54 billion, imports + 31.5%
  • Semiconductor exports 2021 + 29% year-on-year to reach $ 128 billion
  • Dec exports + 18.3% y / y (Reuters poll + 22.0%), imports + 37.4%
  • South Korea aims to join CPTPP, accelerate other free trade agreements to expand export markets – trade min

SEOUL, Jan.1 (Reuters) – South Korea’s exports grew at their fastest pace in 11 years in 2021, with total export value reaching a record high, supported by post-pandemic recovery in global demand .

For the year as a whole, exports rose 25.8 percent from a year earlier to $ 644.54 billion, Commerce Ministry data showed on Saturday, the fastest pace since 2010.

It also marked the first growth in three years after contractions of 5.5% and 10.4% in 2020 and 2019, respectively.

Register now for FREE and unlimited access to Reuters.com

Register

“Now is the time to move into the era of $ 700 billion exports … The Commerce Ministry will step up its political efforts so that industries and exports can reap full (economic) standardization this year,” he said. said Minister Moon Sung-wook.

A breakdown by articles showed that semiconductor exports jumped 29 percent year-on-year to a record $ 128 billion, while those of petrochemicals also jumped 54.8 percent to a record high. $ 55.1 billion. Other items such as cars and steel jumped 24.2% and 37%, respectively.

By destination, exports to China, South Korea’s largest trading partner, increased 22.9%, and those to the United States and the European Union jumped 29.4% and 33, 9%.

Meanwhile, imports for the full year jumped 31.5% to a record high of $ 615.1 billion, rebounding from a contraction of 7.1% in 2020.

Moon also said the ministry plans to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and aims to make more trade pacts to expand its export markets.

Data on Saturday also showed that exports for the last month of the year rose 18.3% year-on-year, extending growth for a 14th consecutive month, although the rate was below 32% in November. A Reuters poll of 13 economists predicted growth of 22%. Read more

Total exports stood at $ 60.74 billion in December, the highest monthly figure on record.

A 35.1% jump in semiconductor exports led the growth in December, while overall exports to China and the United States also climbed 20.8% and 22.9%, respectively.

Register now for FREE and unlimited access to Reuters.com

Register

Reporting by Joori Roh Editing by Chris Reese and Kim Coghill

Our Standards: Thomson Reuters Trust Principles.


Related posts:

  1. Suzuki exported 2 million vehicles from India
  2. Exim Financial institution sees its exports develop by 4.9 laptop in This fall
  3. Florida citrus rely and beef-pork exports down barely
  4. India can export digital sports activities; readability of laws will additional stimulate business: MPL
Tagsunited states

Categories

  • Export
  • Force Majeure
  • Fund
  • Limited Flexibility Exchange Rate System
  • Price Discovery

Recent Posts

  • KwaZulu-Natal still on the receiving side
  • Oil little changed in choppy trade; US says export ban not ruled out
  • Cagr Status, Industry Growth, Trends, Analysis And Forecast To 2028 | Canvas, Khan Academy, Nearpod, Discovery Education Inc, Renaissance Accelerated Reader, etc.
  • IEA warns of energy crisis driving dependence on fossil fuels
  • Panipat exports textiles down 60%, thanks to war in Ukraine, rise in yarn prices : The Tribune India
  • Privacy Policy
  • Terms and Conditions