May 09, 2024

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[THE INVESTOR] Korea has become the world’s sixth largest exporter, moving up two notches from 2016, the Trade Ministry said on Dec. 5.

Exports by Asia’s fourth-largest economy jumped 16.5 percent in the first 11 months of this year, surpassing the US$500 billion mark on Nov. 17, the fastest pace on record, the ministry said.

The ministry expected total outbound shipments to reach a record high of US$575 billion this year.

The share of Korean goods on the global market rose to a record 3.3 percent in the first half of this year, the latest numbers showed. 

The ministry said exports were boosted by strong demand in the IT and manufacturing sectors, as well as increased oil prices.

By Alex Lee and newswires (alexlee@heraldcorp.com)