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S. Korean Economy's Trade Reliance Falls to 3-Year Low

Write: 2020-10-18 13:05:21Update: 2020-10-18 14:30:00

S. Korean Economy's Trade Reliance Falls to 3-Year Low

Photo : YONHAP News

South Korea's reliance on trade fell to the lowest level in three years last year due to a slump in exports.

According to data compiled by Statistics Korea on Sunday, the reliance on trade, measured by dividing the country's total trade by gross domestic product, came to 63-point-51 percent last year, down two-point-57 percentage points from a year earlier.

The 2019 reading marks the lowest since 2016, when the comparable figure was 60-point-11 percent.

The country's reliance on exports slipped to a 12-year low to 32-point-94 percent last year, the lowest since 2007 when the reading was 31-point-68 percent.

Moreover, the reliance on imports fell to a three-year low to 30-point-57 percent.

South Korea's reliance on trade is higher than advanced countries such as the United States and Japan.

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