South Korea Exports Rises As The Omicron Emerge

 Driven by volumes and rising prices, South Korea recorded the largest monthly figure in November. Thanks to the post-pandemic recoveries, in November, South Korean exports grew at the fastest pace in the past three months.

It was big trading partners of South Korea that drove the demand for petrochemicals and chips to post Covid-19 and help boost the economy.

But after the breakout of Omicron, a variant of Covid-19, the export-reliant economy of South Korea might be at risk.

The data showed by the Trade Ministry disclose that the total exports of this country in November stood at $60.44 billion.

The damage caused by the post-Covid-19 restriction is estimated that the new festive season is expected to meet overseas demand.

For now, the most important variable to exports is the supply chain issues and the development of the Omicron variant. As of now, the recovery of economic loss will continue with the same momentum in December throughout 2022.

Total Import And Export Value Of South Korea

➔ South Korea imported goods worth $587.64 billion in 2017

➔ South Korea imported goods worth $642.95 billion in 2018

➔ South Korea imported goods worth $610.10 billion in 2019

➔ South Korea imported goods worth $541.02 billion in 2020

Exports

➔ South Korea exported goods worth $664.73 billion in 2017

➔ South Korea exported goods worth $719.49 billion in 2018

➔ South Korea exported goods worth $657.83 billion  in 2019

➔ South Korea exported goods worth $601.62 billion in 2020

Current Trade Statistics of South Korea

➢ Trade Balance: $3090 million in Nov 2021

➢ Total Imports: $57357 million Nov 2021

➢ Total Exports: $60444 million Nov 2021

➢ Current Account: $6950 million

What are the products South Korea exports the most?

Electrical Machinery & Equipment $159.7 billion (31.1%), Plastics & Articles of Plastics $31.6 billion (6.2%), Machinery & Computers $67.9 billion (13.2%), Vehicles $54.2 billion (10.6%), Mineral Oils & Fuels $25.4 billion (5%), Articles of Steel & Iron $7.9 billion (1.5%), Organic Chemicals $15.4 billion (3%), Steel & Iron $19.7 billion (3.9%), Boats & Ships $18.7 billion (3.7%), Technical, Optical & Medical Apparatus were the top exported products of South Korea during 2020 according to South Korea import-export data.

What are the major trading partners of South Korea?

Based on South Korea’s import-export trade data and trade statistics, China $132.6 billion (25.8%), United States $74.4 billion (14.5%), Japan $ 25.1 billion (4.9%), Vietnam $48.5 billion (9.5%), Taiwan $16.5 billion (3.2%), Hong Kong $30.7 billion (6%), India $12 billion (2.3%), Indonesia $6.32 billion (1.2%), Thailand $6.85 billion (1.3%), Singapore $9.8 billion (1.9%), Mexico $8.2 billion (1.6%), Malaysia $9.1 billion (1.8%), Philippines $7.1 billion (1.4%), Malaysia $9.1 billion (1.8%) were the top trading partners of this country during 2020.

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