By Min Yea-Ji and Yoon Sojung
Thanks to vitalized exports of high-value added goods and exports in new industries, Korea is predicted to reach a record high amount of annual exports within this year.
The Ministry of Trade, Industry and Energy and the Korea Customs Service said that as of Oct. 29 at 5:05 p.m., tentative calculation of the accumulated amount of annual export this year reached US$500 billion. The ministry further predicted that Korea’s export amount could reach US$600 billion, the greatest annual exports thus far.
According to the ministry, exports of high-valued added goods helped create the increase; the export of the next-generation Solid State Disks (SSD), Multi Chip Integrated Circuits (MCP), and Organic Light Emitting Diodes (OLED) all increased remarkably.
The ministry also pointed out that the diversification of export items led to growth. Exports in the new industries such as electric vehicles, high-tech material, and bio and health sectors recorded 14.6 percent increase over that of the previous year. Exports of cosmetic goods, and medicine and medical supplies also showed a 31.6 percent rise and 25.4 percent jump, respectively, over last year.
The ministry explained that Korea has been showing a sound performance by diversifying export items, exporting high-value added goods and actively using free trade agreements combined with an upbeat mood in the manufacturing sector of major countries and an oil price hike despite the trade conflict between Washington and Beijing, and the volatility of the international financial market due to the prospect of an interest rate rise in the United States.