Korea to Rise to 6th-biggest Exporter in World
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Korea to Rise to 6th-biggest Exporter in World
‘It will be an outstanding achievement to reconfirm Korea’s standing as a trade powerhouse,’ KITA Chmn. Koo says

25(Sun), Dec, 2022

Dignitaries, including President Yoon Suk-yeol and Minister of Trade, Industry, Energy Lee Chang-yang and Chairman Christopher Koo of the Korea International Trade Association, attend a ceremony to celebrate 59th Trade Day in which the government vowed its determination to catapult Korea to the fifth global export powerhouse by 2026 at COEX in Seoul on Dec. 5. (Photo: KITA)

Korea is predicted to become the sixth-biggest exporter in the world this year, the best-ever ranking, a two-spot jump over last year. 

President Yoon Suk-yeol delivered a commemorative speech at a ceremony to celebrate 59th Trade Day, in which the government vowed to concentrate all export support capabilities to catapult Korea to the fifth global export powerhouse by 2026.

Speaking at the Trade Day anniversary event at COEX in Seoul on Dec. 5, President Yoon said, “We have to seize exports as solutions to overcome multiple global economic crises, as we made a frontal breakthrough with exports to tide over crises, caused by oil shocks in the 1970s and the 2008 global financial crisis.” 

President Yoon disclosed the government’s determination to provide full support to expand exports, saying “Exports, which have always served as a strong buttress of the Korean economy, have become a foundation of the national economy and resources of job creation.” 

According to the Ministry of Trade, Industry and Energy (MOTIE), the nation is forecast to see export amounts stand at $680 billion this year, a record for the country. 

The figure surpasses $644.4 billion the nation exported last year. Diversifying export areas is noteworthy. 

Four regions: ASEAN, the United States, EU and India have the best-ever export performances. Korea is evaluated to have diversified its exporting structure, departing from its dependence on China for exports. 

President Yoon said, “Support necessary for exporting activities, such as trade financing, marketing and logistics will be dramatically expanded, and by doing so, the government will help Korean companies with export potential to aggressive enter global markets.”

President Yoon has stressed the need for sales diplomacy through summit talks since his inauguration. 

“From now on, this summit diplomacy will be directed to the expediting of Korean companies’ exports and entry to foreign markets.” He revealed the government’s determination to cultivate new mainstay export industries, such as nuclear power, defense, infrastructure construction and K-content. 

President Yoon also emphasized the need for expanding the FTA network by signing new FTAs with regions that have high growth potential, such as the Middle East, Central and South America, and Africa. 

In his speech, Chairman Christopher Koo of the Korea International Trade Association (KITA) said, “Korea is forecast to see exports rank sixth in the world by surpassing $600 billion for the second straight year and logging the best-ever figure, and as the nation will see imports rank eight, a rise from the 9th position, Korea is predicted to see trade volumes rank 6th, a two-slot jump over last year’s 8th position.” 

Given the size of the Korean economy standing 10th in the world, Korea’s ranking sixth in the world in terms of trade volumes will be an outstanding achievement to reconfirm Korea’s standing as a trade powerhouse, Chairman Koo said. 

The number of export tower winners rose to 1,780, a surge of 207 over last year. The number of $1 million export tower winner companies jumped 19 to 535. 

In particular, Samsung Electronics was honored with the $120 billion, the best-ever export tower, by besting last year’s record exports. Hanwha Solution was presented with the $2 billion export tower on the back of exporting advanced materials of photovoltaic power worth 1 trillion won for the first half of this year. The coveted Order of Industrial Service Merit, Gold Tower went to Chairman Choi Woo-gak of Daesung Hi Tech. 

President Yoon is to soon reorganize the presidential office to back the government’s export support. 

A secretary in charge of policy coordination and a secretary in charge of international laws will be inaugurated to be charged with trade and commerce responsibilities, the presidential office said. 

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