The biggest trade deficit… Exports fade to Korea By Hankyung

President Yoon Seok-yeol applauds along with attendees including Korea International Trade Association President Koo Ja-yeol (right of President Yoon) at the 59th Trade Day ceremony held at COEX in Samseong-dong, Seoul on the 5th. President Yoon said on the day, “The government will mobilize all export support capabilities to become one of the top five export powerhouses by 2026.” Yonhap News This year, South Korea’s exports are expected to reach a record high of $680 billion. It is predicted that this year’s global export position will rise to 6th place, one place higher than last year, with a robust export performance despite the worsening global economy.

The Ministry of Trade, Industry and Energy and the Korea International Trade Association held a Trade Day ceremony at COEX in Samseong-dong, Seoul on the 5th and government awards were given to traders and exporters who contributed to this year’s record export. About 1,000 people attended the event, including President Yoon Seok-yeol, Trade, Industry and Energy Minister Lee Chang-yang, and Korea International Trade Association President Koo Ja-yeol.

According to the Ministry of Trade, Industry and Energy, Korea’s annual exports this year are expected to record 680 billion dollars (about 879 trillion won). It is the sixth largest in the world. The ‘trade amount’ plus the amount of imports was more than 1 trillion dollars in September. The world ranking for trade volume rose two parts from last year (8th) to 6th place for the first time ever.

This is due to a significant increase in exports of three items: semiconductors, automobiles, and petroleum products. Semiconductors exported more than 10 billion dollars for 17 consecutive months through September, recording a record export amount. By country, exports to the United States exceeded $100 billion for the first time in history, and exports to the United States, the European Union (EU), ASEAN (Association of Southeast Asian Nations), and India is solid.

The problem is that imports have increased more than exports, deteriorating the trade balance. The trade deficit through November was $42.6 billion. He has been in the red for 8 consecutive months this year. Exports are also slowing down. Since July, the rate of increase has been reduced, and in October and November, it was negative compared to the same month the previous year.

The government plans to implement the export support project budget early in the first half of next year as risk factors such as a global economic slowdown and rising energy prices always exist. In addition, the government plans to prepare medium to long-term measures to support investment and regulatory innovation of export companies through export strategy meetings with the aim of becoming one of the top five export powerhouses.

At the ceremony, 597 people of merit in trade were awarded (including 2 organisations) and the ‘Export Tower’ was awarded to 1,780 exporting companies. The Gold Tower Industrial Service Order of Merit, the highest honor, went to four people: Choi Woo-gak, chairman of Daesung Hitech, Noh Eun-shik, CEO of DK-Lac, Park Hak-gyu, president of Samsung Electronics (KS : ), and Jung Kyung-oh, CEO of Heesung PM Tech.

Reporter Lee Ji-hoon lizi@hankyung.com

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