The Ministry of Trade, Industry and Energy announced that South Korea’s annual trade volume topped one trillion dollars at 1:07 p.m. on November 28th. Exports amounted to 520-point-two billion dollars and imports stood at 479-point-eight billion dollars.

This year marked the first time for such volume to exceed one trillion dollars in the shortest period of time and for such feat to come in November.

The first time South Korea’s trade volume reached the one trillion dollar mark was on December 5, 2011, making South Korea the ninth country in the world to achieve the milestone. It reached the mark again on December 10 in 2012 and again last year on December 6.

The trade ministry forecast that the nation’s total exports for 2014 would amount to 575-and-a-half billion dollars and imports 530 billion dollars, resulting in a trade surplus of 45 billion dollars. Compared to last year, both exports and imports would have surged two-point-eight percent.
As a result, this year, the nation is expected to see a new record in both annual exports and trade surplus. The highest figure for annual exports was posted in 2011, amounting to 555-point-two billion dollars, while the highest figure for trade surplus was recorded in 2010, standing at 41-point-two billion dollars.

Exports to China saw the sharpest growth by surging eight-point-six percent. Exports to the U.S. rose six percent and to Southeast Asia three-point-six percent. However, exports to Japan fell more than ten percent and to the EU one percent.

By items, the nation’s exports of mobile communication devices surged more than 21 percent, of electronic appliances nearly 17 percent and semiconductors around 13 percent. Exports of petrochemical products also jumped five-and-a-half percent and of automobiles roughly three percent. However, exports of steel fell nearly 12 percent and of computers nearly eight percent.

1. The Sinking of the Sewol Ferry & Special Sewol Law

2. Dissolution of Unified Progressive Party

3. June 4 Local Elections & July 30 By-elections

4. President Park Geun-hye’s Summit Diplomacy

5. UN General Assembly Passes New Resolution on N. Korea’s Human Rights, UN Security Council Places It on Its Agenda

6. S. Korea Expands “Economic Territory”

7. S. Korea Sees Trade Volume Surpass $1 Tln in Record Time

8. Shooting Rampage at GOP and Military Reform

9. Pope Francis Visits South Korea

10. Sochi Winter Olympics & The Incheon Asian Games