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South Korea’s annual exports exceeded $700 billion for the first time this year, marking a milestone achieved 77 years after the establishment of the government.

With the achievement, South Korea became the world’s sixth country to record more than $700 billion in annual exports, joining the ranks of the United States, Germany, China, Japan and the Netherlands.


According to the Ministry of Trade, Industry and Resources and the Korea Customs Service on Monday, South Korea’s cumulative exports for the year surpassed $700 billion as of midnight. The country’s exports have grown steadily since reaching $125.1 billion in 1995, crossed the $600 billion mark in 2018, and set another milestone seven years later. Compared with $19 million in exports in 1948, the figure represents more than a 36,000-fold increase, with an average annual growth rate of 14.6 percent.

At the beginning of the year, concerns were high that South Korea’s export environment would deteriorate due to factors such as tariff pressures from the United States. Exports did decline in the first half, but a clear recovery emerged in the second half as external uncertainties eased, led by key industries.

By product, semiconductors led exports from January through November, reaching $152.6 billion, up 19.8 percent from a year earlier. Automobile exports totaled $66.0 billion, up 2 percent, while shipbuilding exports rose 28.6 percent to $29.0 billion. Bio-related exports increased 6.5 percent to $14.7 billion.

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