By Kim Eun-young and Kim Young Shin

The growth rate of Korean exports increased the fastest in 2017 among the world’s top 10 exporting economies.

According to the Ministry of Trade, Industry and Energy, an analysis of World Trade Organization statistics concerning merchandise trade in 2017, published on Feb. 16, shows that Korea’s 2017 exports in merchandise trade were worth USD 573.7 billion, exactly 15.8 percent higher than the previous year's exports. It was followed by the Netherlands (14.3 percent growth in exports in merchandise trade), Italy (9.3 percent) and the U.K. (8.8 percent).

After such robust growth, Korea’s rank among exporters went up two spots, from eighth in 2016 to sixth in 2017. The country’s share of total global exports by 71 major economies has now increased to 3.5 percent in terms of merchandise trade, and to an overall trade total of 3.2 percent, which are both all-time highs.

The ministry concluded that the reasons for Korea's growth in exports in terms of merchandise trade in 2017 are because of an economic recovery in large economies around the world, revitalized IT markets and rising oil prices.

eykim86@korea.kr