© Archyde.com. The biggest trade deficit… Faded exports to Korea
President Yoon Seok-yeol applauds along with attendees including Korea International Trade Association President Koo Ja-yeol (right of President Yoon) at the 59th Trade Day ceremony held at COEX in Samseong-dong, Seoul on the 5th. “The government will mobilize all export support capabilities to become one of the top five export powerhouses by 2026,” said President Yoon. Yonhap News This year, South Korea’s exports are expected to hit a record high of $680 billion. It is predicted that this year’s world export ranking will rise to 6th place, one notch higher than last year, with solid export performance despite the worsening world economy.
The Ministry of Trade, Industry and Energy and the Korea International Trade Association held a Trade Day ceremony at COEX in Samseong-dong, Seoul on the 5th and awarded government awards to traders and exporters who contributed to the largest export ever this year. About 1,000 people attended the event, including President Yoon Seok-yeol, Minister of Trade, Industry and Energy Lee Chang-yang, and Korea International Trade Association President Koo Ja-yeol.
According to the Ministry of Trade, Industry and Energy, Korea’s annual exports this year are expected to record 680 billion dollars (approximately 879 trillion won). It is the sixth largest in the world. The ‘trade amount’ combined with the amount of imports exceeded 1 trillion dollars in September. The world ranking for trade volume rose two notches from last year (8th) to 6th 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 dollars for 17 consecutive months through September, recording the highest export amount ever. 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 robust.
The problem is that imports have increased more than exports, deteriorating the trade balance. The trade deficit through November stood at $42.6 billion. It has been in the red for 8 months in a row this year. Exports are also slowing. Since July, the rate of increase has been reduced, and in October and November, it was negative compared to the same month of the previous year.
The government plans to execute the export support project budget early in the first half of next year as risk factors such as a global economic slowdown and soaring energy prices always exist. In addition, the government plans to prepare mid- to long-term measures to support investment and regulatory innovation of export companies through export strategy meetings with the goal of becoming one of the top five export powerhouses.
At the ceremony, 597 persons of merit in trade (including 2 organizations) were rewarded 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, chairman 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]
K-trade that has endured well despite global adverse events… Exports of $690 billion this year…
The secret to getting a job as a platform developer for a humanities student
Heesung PM-Tech specializes in precious metal recovery and refining… Advancement of technology through R&D
SK Hynix (KS:) Introduces Next-Generation Memory Semiconductors Through Bold R&D
