Trade Hits Record $1.2 Trillion... President Moon Declares "2021 the Year of Trade" (Comprehensive)

Attended the 58th Trade Day Ceremony... "Korea Premium Era Fueled by the Hallyu Wave"

[Asia Economy Reporter Ryu Jeong-min] This year, South Korea's trade volume is expected to exceed $1.2 trillion, marking the largest scale ever. Exports this year are also anticipated to surpass $630 billion, breaking the highest record in history.

President Moon Jae-in stated at the ‘58th Trade Day Commemoration Ceremony’ held at COEX in Seoul on the 6th, “We have achieved $1 trillion in trade in the shortest period ever,” adding, “The year 2021 will be recorded as the year of trade in our economic history.”

Looking at this year’s trade indicators, a historic boom is expected, including achieving $1 trillion in trade in just 299 days, the shortest period ever, as of last October. In November, exports entered the $60 billion range for the first time ever in a single month.

[Image source=Yonhap News]

President Moon emphasized, “This year, South Korea’s export volume is expected to exceed $630 billion, and the trade volume is expected to surpass $1.2 trillion. Both are record highs.”

The cumulative exports of semiconductors and petrochemicals have exceeded $110 billion and $50 billion respectively through November, showing strength in traditional key items. Growth in promising sectors such as system semiconductors, eco-friendly vehicles, bio-health, and secondary batteries, along with service exports based on Hallyu such as K-pop and K-content, have also reached record levels.

President Moon evaluated, “We have taken one step higher to become the world’s 8th largest trading power. This is a proud achievement made possible by the combined efforts of traders and all citizens.”

[Image source=Yonhap News]

President Moon said, “Shipbuilding achieved the highest order volume ever, and petrochemical exports surpassed $50 billion for the first time. Memory semiconductors maintained their overwhelming global No. 1 position.”

Furthermore, President Moon stated, “Cultural content exports have exceeded $10 billion for three consecutive years, becoming a new export engine, and the Korea Premium era has opened thanks to the Hallyu wave.”

President Moon added, “Above all, it is encouraging that export markets are broadly expanding and export companies are diversifying. Exports have increased for eight consecutive months not only in the four major markets of the U.S., China, EU, and Japan but also in the five emerging markets of ASEAN, India, the Commonwealth of Independent States, the Middle East, and Latin America.”

President Moon pledged to prepare for the changing trade environment by addressing global supply chain instability, expanding the base of trade, and responding to strengthened global environmental regulations.

[Image source=Yonhap News]

President Moon said, “We will support companies’ efforts to reduce carbon emissions,” adding, “We will expand R&D and tax support for low-carbon technology development, and especially actively support the low-carbon transition of small and medium-sized enterprises.”

President Moon expressed regret, saying, “In July, the United Nations Conference on Trade and Development unanimously upgraded our country’s status to a developed country,” and “We became a developed country through the power of trade. However, there are people who only deny and belittle even this precious achievement.”

President Moon said, “It is true that our economy faces issues such as inequality and polarization. Many challenges remain,” and urged, “However, I ask that you give generous support for the achievements we have made.”