After two difficult years, South Korea’s foreign trade has now risen sharply. This is mainly due to the demand for an electrical engineering product.
South Korea’s exports rose to a record high in value in 2021 despite the corona pandemic and global delivery bottlenecks.
The exports of Asia’s fourth largest economy, which is strongly export-oriented, climbed by 25.8 percent year-on-year to 644.54 billion dollars (566.7 billion euros). At the same time, exports rose again after the declines in the two consecutive years before that. This is evident from figures submitted by the Ministry of Commerce.
Demand for semiconductors
According to the information, the positive export data are primarily due to the high demand for semiconductors and petrochemical products. Auto and steel exports also increased significantly. Chip exports rose 29 percent to $ 128 billion. Petrochemicals rose 54.8 percent to $ 55.1 billion. The country’s most important export goods also include ships, machines, smartphones and flat screens.
The country relies heavily on free trade agreements. Among other things, it has one with the EU and the USA. It is also participating in the world’s largest free trade pact, RCEP, which China and 14 other Asia-Pacific economies agreed on at the end of 2020. China is South Korea’s largest trading partner. Exports to the neighboring country rose by 22.9 percent in 2021, while deliveries to the USA rose by 29.4 percent and to the EU by 33.9 percent.
South Korea’s imports reached $ 615.1 billion last year, 31.5 percent more than in 2020.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
