The Ministry of Trade, Industry, and Energy on Dec. 1 said in a report on last month's exports and imports that overseas shipments exceeded USD 60 billion, a record high for a month. Shown is the Port of Busan on the morning of Sept. 1 packed with fully loaded container ships. (Yonhap News)

By Kim Hyelin and Kim Hayeon 

A series of reports show how positive Korea's economic outlook is thanks to a record monthly high in exports.  

The Ministry of Trade, Industry, and Energy on Dec. 1 said in a report on last month's exports and imports that overseas shipments in November broke the USD 60 billion market for the first time in the nation's trading history. 

Exports last month grew 32.1% year on year to USD 60.44 billion, the highest monthly volume since Seoul started gathering such data in 1956.

Last month's figure easily broke the previous high of USD 55.92 billion set in September this year, and the setting of a new mark in just two months shows just how strong exports are.

Imports rose 43.6% to USD 57.4 billion for a trade surplus of USD 3.09 billion, marking the 19th consecutive month of finishing in the black since May last year.  

Through last month, the economy this year has posted record highs in exports (USD 583.8 billion) and trade volume (USD 1.13 trillion).   

The Federation of Korean Industries on Nov. 30 in a report said that if the economy continues to see rates of annual average growth (2.97%) from the 2017-21 period, exports will exceed USD 700 billion in 2024. As of 2019, just five countries -- China, the U.S., Germany, the Netherlands, and Japan -- post exports of over USD 700 billion per year.

Meanwhile, the Organisation for Economic Co-operation and Development (OECD) upped its growth forecast for Korea next year from 2.9% to 3%. 

The Ministry of Economy and Finance on Dec. 1 quoted an OECD report on its global economic outlook as saying Korea's forecast for next year was raised to 2.9% in September, up from 2.8% in May.   

Every May and December, the Paris-based body produces a biannual assessment of economic growth forecasts for the world, OECD member states and the Group of 20 economies. Its interim economic outlook released every March and September covers growth forecasts for G20 countries and the global economy. 

"The Korean economy continues to recover following the COVID-19 shock, propelled by strong export growth, improving business investment and public support," the organization said.

The OECD maintained its growth projection for Korea this year at 4% but lowered those for the U.S. (6% → 5.6%), China (8.5% → 8.1%), Japan (2.5% → 1.8%), advanced economies and those in the euro zone (5.3% → 5.2%), G20 member states (6.1% → 5.9%) and the global economy (5.7% → 5.6%).