South Korea's annual trade volume has topped one trillion dollars in the shortest period of time, thanks to the brisk export of semiconductors and petrochemicals.
The Ministry of Trade, Industry and Energy and the Korea Customs Service said trade volume surpassed one trillion dollars at around 1:53 p.m. Tuesday. That includes 512-point-two billion dollars in exports and 487-point-eight billion dollars in imports.
This marks the first time the nation’s trade volume exceeded one trillion dollars in the month of October since related statistics began to be compiled in 1956. The previous record was set on November 16, 2018.
The annual trade volume topped one trillion dollars a total of seven times between 2011 and 2014 and between 2017 and 2019. Last year, the figure slipped below one trillion dollars due to the slump in global trade resulting from the COVID-19 pandemic.
If the latest streak of recovery continues, South Korea is likely to witness a record annual trade volume this year.