South Korea's Export Value Sets Record High for 2 Consecutive Years... Expected to Surpass $680 Billion This Year

[Asia Economy Sejong=Reporter Dongwoo Lee] This year, South Korea's exports have set a record high for the second consecutive year, following last year's record-breaking performance.

The Ministry of Trade, Industry and Energy announced on the 10th at 7:04 AM that this year's export value has surpassed last year's record high of $644.4 billion.

This represents a 6.8% increase compared to December 10 of last year.

The ministry expects South Korea's exports to exceed $680 billion this year, setting an all-time high.

Historically, South Korea's annual export rankings were $644.4 billion last year, $604.9 billion in 2018, and $573.7 billion in 2017.

Up to last month, cumulative export performance recorded $629.1 billion, a 7.8% increase compared to the same period last year, marking the first time exports surpassed $600 billion by November.

However, due to increased imports of the three major energy sources?crude oil, gas, and coal?cumulative trade deficit until last month reached $42.6 billion.