South Korea’s global trade tops $1 trillion in 2021

SEOUL: South Korea’s global trade topped $1 trillion in 2021 at the fastest pace due to the global demand recovery from the Covid-19 pandemic, the government data showed on Tuesday.

As of Tuesday afternoon, the country’s export amounted to $512.2 and import came in at $487.8, according to the joint data from the Ministry of Trade, Industry and Energy and the Korea Customs Service.

It marked the first time since data began to be compiled in 1956, that the country’s global trade exceeded $1 trillion in October.

The previous shortest period to surpass $1 trillion in global trade was November 16, 2018.

South Korea’s global trade surpassed $1 trillion seven times between 2011 and 2014 and between 2017 and 2019 but it failed to top the milestone in 2020 when the Covid-19 pandemic broke out across the world.

The country’s exports grew rapidly in the current year, amid the recovery in the global demand from the pandemic.

The global demand was strong for locally-made semiconductors, petrochemicals, general machinery and cars, according to the data.