Business Sector Confirms Korea's Economic Strength with Record Fast Achievement of $1 Trillion Trade Volume

Busan Port Sinsundae and Gamman Wharf
[Image source=Yonhap News]

[Asia Economy Reporter Kim Heung-soon] Major economic organizations on the 26th welcomed the fact that South Korea's annual trade volume surpassed 1 trillion dollars in the shortest period ever, stating, "This is an important opportunity to reaffirm the resilience of the Korean economy while gaining global recognition for the competitiveness of our key industries and the high growth potential of promising new industries."

The Korea International Trade Association, the Korea Chamber of Commerce and Industry, the Korea Federation of SMEs, the Korea Employers Federation, and the Korea Federation of Medium-sized Enterprises said in a statement on the same day, "The business community sincerely welcomes the achievement of the shortest-ever trade volume of 1 trillion dollars, accomplished through the joint efforts of companies, the government, and export support agencies. We express our deep respect to all trade professionals who have worked tirelessly on the front lines of trade to reach this milestone."

These major economic organizations added, "The importance of trade, which serves as a solid pillar for economic recovery and contributes to economic growth and job creation, is something all citizens can agree on. Moving forward, as a trade powerhouse leading the global trade order, we must strive even harder to secure future growth engines through expanding exports in new industries and service sectors, and fostering strong export SMEs."

They also stated, "The business community will make every effort to promote economic growth and advancement based on coexistence and cooperation in response to the rapidly changing trade environment."

According to the Ministry of Trade, Industry and Energy and the Korea Customs Service, South Korea's total annual trade volume exceeded 1 trillion dollars at around 1:53 p.m. on the day, with exports reaching 512.2 billion dollars and imports 487.8 billion dollars. This is the first time since trade statistics began in 1956 that the 1 trillion dollar mark was surpassed in October. It is 21 days earlier than the previous shortest record set on November 16, 2018. If this trend continues, the annual trade volume for this year is expected to set a new all-time high.