©Reuters. Largest trade deficit… Faded exports to Korea
President Yoon Seok-yeol applauds along with attendees including Korea International Trade Association President Koo Ja-yeol (to President Yoon’s right) at the 59th Trade Day Ceremony held at COEX in Samseong-dong, Seoul on 5. President Yoon said that day, “The government will mobilize all export support capabilities to become one of the top five export powers by 2026.” Yonhap News This year, South Korea’s exports are expected to reach a record high of $680 billion. This year’s global export ranking is expected to rise to 6th place, one notch higher than last year, with solid export performance despite the worsening global economy.
The Ministry of Commerce, Industry and Energy and the Korea International Trade Association held a Trade Day ceremony at COEX in Samseong-dong, Seoul, on the 5th, and presented government awards to traders and exporters who contributed to the biggest export ever this year. About 1,000 people attended the event, including President Yoon Seok-yeol, Minister of Commerce, Industry and Energy Lee Chang-yang, and Korea International Trade Association President Koo Ja-yeol.
Korea’s annual exports are expected to reach US$680 billion (about 879 trillion won) this year, according to the Ministry of Commerce, Industry and Energy. It is the sixth largest in the world. The “trade amount” combined with the amount of imports exceeded $1 trillion in September. The world ranking by trading volume has moved up two notches from last year (8th) to 6th place for the first time ever.
This is attributable to a significant increase in exports of three items: semiconductors, automobiles and petroleum products. Semiconductors exported more than $10 billion for 17 consecutive months to September, posting the highest export volume on record. By country, exports to the United States exceeded $100 billion for the first time in history, and exports to the United States, the European Union (EU), ASEAN (Association of Southeast Asian Nations) and India were sturdy.
The problem is that imports have increased more than exports, deteriorating the trade balance. The trade deficit through November was $42.6 billion. He’s been in the red for 8 months straight this year. Exports are also slowing down. From July the rate of increase decreased and in the months of October and November it was negative compared to the same month of the previous year.
The government expects to budget the export support project early in the first half of next year, as there are always risk factors such as global economic slowdown and rising energy prices. In addition, the government plans to prepare medium- and long-term measures to support investment and regulatory innovation of export companies through export strategy meetings with the aim of becoming a top five exporting power.
597 people of merit in trade (including 2 organisations) were honored at the ceremony and 1,780 exporting companies were awarded the ‘Export Tower’. The Gold Tower Order of Industrial Service Merit, the highest honor, went to four people: Choi Woo-gak, president of Daesung Hitech, Noh Eun-shik, CEO of DK-Lac, Park Hak-gyu, president of Samsung Electronics (KS :), and Jung Kyung-oh, CEO of Heesung PM Tech.
Reporter Lee Ji-hoon [email protected]
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