Exports in 2020 decreased by 5.4% compared to the previous year…the trade balance surplus for 12 consecutive years

Last year, Korea’s exports decreased by 5.4% from the previous year to record 512.85 billion dollars. During the same period, imports decreased by 7.2% to $467.23 billion, showing a trade surplus for 12 consecutive years.

According to the 2020 import and export trends released by the Ministry of Trade, Industry and Energy, annual exports declined 5.4%, but in the fourth quarter alone, it increased 4.2%. In the first half of the year, including -1.8% in the first quarter and -20.3% in the second quarter, exports decreased significantly due to the aftermath of the coronavirus. However, it showed a clear recovery at -3.4% in the third quarter and 4.2% in the fourth quarter.

Total exports exceeded 500 billion dollars for 4 consecutive years. The scale of the trade surplus recorded 456.2 billion dollars, an increase of 17.3% from the previous year.

The Ministry of Industry analyzed that Korea’s exports were relatively good while exports to major countries were both sluggish.

According to WTO statistics (‘20.1~October cumulative total), in terms of export growth and decrease, Korea was the fourth best among the top 10 exporting countries after Hong Kong, China and the Netherlands.

In particular, major items such as semiconductors, computers, bio-health and secondary batteries were popular. Semiconductor sales increased by 5.6% to $99.18 billion. Computers also showed 57.2% growth compared to the previous year. Bios increased for the 11th consecutive year, exceeding $10 billion for the first time ever. Secondary batteries also: increased for 5 consecutive years System semiconductors, diagnostic kits, eco-friendly vehicles (electric vehicles + hydrogen vehicles), cosmetics, agricultural and fishery products, and other new growth export items all achieved the highest annual export performance.

Among the 15 major items, 11 items, including semiconductors, general machinery, ships, displays, vehicle parts, wireless communication devices, textiles, computers, biohealth, secondary batteries, and home appliances, recorded positives.

On the other hand, petroleum products (△36.5%), cars, steel, and petrochemicals, which are still sluggish due to low oil prices, recorded negatives.

Meanwhile, Minister of Trade, Industry and Energy Seong Yun-mo visited the Incheon New Port Hanjin Container Terminal, the gateway port of the metropolitan area, on the first new year on the 1st to inspect the export logistics site and encourage workers on the site.

Minister Seong said at this meeting, “We will focus on all policy support so that the good flow of exports can continue in the new year, and 2021 will make it a year of exports and economic re-leap beyond export plus conversion.” I hope that you will join forces in the field to lead economic growth.”