Containers at Port of Yeosu Gwangyang in Yeosu, Jeollanam-do Province (Gwangyang Port Authority)

By Park Hye Ri

Exports this year have broken USD 700 billion for the first time in the economy's history.

The Ministry of Trade, Industry and Resources and the Korea Customs Service (KSC) said that as of 1:03 p.m. on Dec. 29, their tentative data found that the country was just the sixth in the world to surpass that figure after the U.S. (2000), Germany (2003), China (2005), Japan (2007) and the Netherlands (2018).

By item, semiconductors led such growth with USD 152.6 billion, up 19.8% year on year. Other key manufacturing exports seeing rises included cars (USD 66 billion), ships (USD 29 billion) and biotech (USD 14.7 billion).

Promising exports such as agricultural, fishery and food products (USD 11.3 billion), cosmetics (USD 10.4 billion) and electronic devices (USD 15.1 billion) also marked record highs to emerge as new growth engines.

By market, China's share of Korean exports fell from 19.5% to 18.4% and that of the U.S. from 18.6% to 17.3%. Those of Association of Southeast Asian Nations (ASEAN) grew from 16.7% to 17.2%, the European Union from 10.01% to 10.05%, and Central and South America from 4.3% to 4.5%.

Export growth also spilled over to foreign direct investment (FDI), which hit a record high. Though it declined 14.6% in the first half of the year, it surpassed USD 35 billion for the year thanks to recovery of external credibility after the launch of the Lee administration and rising investment from Korea's hosting of the Asia-Pacific Economic Cooperation (APEC) forum.

The KSC said the export performance affirmed the resilience of the country's people and companies by turning crisis into opportunity despite difficult trade conditions such as U.S. tariffs and expansion of protectionism.

hrhr@korea.kr