Even in the aftermath of the novel coronavirus infection (Corona 19) last year, Korea maintained the 7th place in world exports and 9th place in trade.
According to the World Trade Organization’s’Trade Trends in Major Countries in 2020′ by the World Trade Organization (WTO) on the 28th, Korea exported 5124 billion dollars last year, the 7th largest export in the world. The ranking is the same as the previous year. Korea’s share of all exports around the world was estimated at 3.1%. It was 2.9% in the previous year, below the 3% level in 11 years, but recovered to the 3% level again in one year.
Source: WTO
– Last year, China ranked first ($2.591.1 billion, 15.8%), the United States ($1.431.6 trillion, 8.8%) ranked second, followed by Germany ($1.38 trillion, 8.4%).
The number of countries with more than $500 billion in exports decreased from 9 in 2019 (including Korea) to 7 in 2020 (including Korea). During the same period, the number of countries that achieved $1 trillion in trade decreased from 10 (including Korea) to 8 (excluding Korea). This is the aftermath of a decline in global trade due to the aftermath of last year’s Corona 19.
Korea’s trade ranking (export + import) was 9th, the same as the previous year. Last year, the share of global trade was 3%, the same as in 2011, the record high.
Korea’s annual export growth rate of 2020 was -5.5%, the fourth highest among major countries. The first place was China (3.7%), followed by Hong Kong (2.6%) and the Netherlands (-4.8%). The exports of goods (including Hong Kong) of the top 10 export countries totaled $9,183.7 billion, down 5.1% from the previous year.
Korea’s strong exports last year can be attributed to the recovery trend of exports, mainly for semiconductors and automobiles, from the second half of last year. In this year’s economic policy direction, the government predicted, “As global trade improves due to economic recovery in major countries, the trend of improvement will continue, focusing on new industries such as semiconductors and electric vehicles.”
Sejong = Reporter Seongbin Lim [email protected]
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