Last year, exports amounted to $52.85 billion, down 5.4% from the previous year. Due to the novel coronavirus infection (Corona 19), it has decreased significantly for the second consecutive year following the previous year (-10.4%). However, it is evaluated that Korea was relatively superior to other major exporting countries.
On the 1st, the Ministry of Trade, Industry and Energy announced the ‘2020 export and import trend’. Exports last month were estimated at $51.01 billion, an increase of 12.6% from the same period last year.
The Ministry of Industry said, “Last year, exports declined due to the impact of Corona 19, but exports turned to positive in the second half, showing a clear recovery after the third quarter.” About half of the top 10 exporting countries recorded a double-digit export decline, and Korea is the fourth-best.
However, it is analyzed that this is due to the base effect that exports in the previous year were not so good. Global trade in 2019 decreased by 0.1% due to the strengthening of protectionism, such as the trade dispute between the US and China. Korea saw a significant decline in exports, with exports falling 10.4%. As a result, experts analyze that despite a 9.2% decline in global trade in 2020, Korea’s decline was relatively small at 5.4%. Looking at the decrease in trade in the two years from 2019 to 2020, global declined 9.3%, while Korea fell 15.3%.
Reporter Seong Soo-young [email protected]
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