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

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.

“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.

Reporting by Joori Roh Editing by Chris Reese and Kim Coghill

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