Trade and Exports Overcome COVID-19... All Set for Record Highs This Year

58th Trade Day Ceremony
Samsung Electronics Surpasses $110 Billion in Exports

President Moon Jae-in attended the 58th Trade Day ceremony held at COEX in Gangnam-gu, Seoul, on the 6th, applauding the traders.
[Image source=Yonhap News]

[Asia Economy reporters Ryu Jeong-min and Kim Heung-soon] South Korea is expected to record the highest-ever trade and export volumes this year. This achievement surpasses the baseline effects caused by COVID-19. Samsung Electronics became the first single domestic company to exceed $110 billion in exports (approximately 130 trillion KRW), laying the foundation for the nation's status as a trade powerhouse.

On the morning of the 6th, President Moon Jae-in stated at the '58th Trade Day' ceremony held at COEX in Samseong-dong, Gangnam-gu, Seoul, "This year, South Korea's export volume is expected to exceed $630 billion, and the total trade volume is projected to surpass $1.2 trillion," adding, "The year 2021 will be recorded as the year of trade in our economic history."

According to the Ministry of Trade, Industry and Energy, South Korea's total trade volume, combining exports and imports, exceeded $1 trillion (approximately 1,185 trillion KRW) as of October 26. Since trade statistics began in 1956, the country has reached the $1 trillion trade mark eight times, but this is the first time it has surpassed $1 trillion in October.

If this trend continues, the year-end total is expected to reach a record high of $1.2419 trillion (approximately 1,472 trillion KRW). South Korea's trade volume ranking also rose one spot from 9th last year to 8th. Additionally, the Korea International Trade Association forecasted that South Korea's export volume this year will reach $636.2 billion (approximately 754 trillion KRW), setting a new record.

Meanwhile, Samsung Electronics received the '110 Billion Dollar Export Tower,' the highest export award of the year, at the ceremony. This new record was set three years after receiving the 90 Billion Dollar Export Tower in 2018. The achievement is the result of advances in key business sectors such as memory semiconductors, where it holds the world’s number one position, as well as smartphones and home appliances.