KNOWLEDGE is POWER / REAL NEWS is KEY
New York: Tuesday, January 25, 2022
© 2022 U-S-NEWS.COM
Online Readers: 333
New York: Tuesday, January 25, 2022
Online: 329
Donald Trump's new social media platform "TRUTH Social" Join the Waiting List - Click here
FILE PHOTO: A truck drives between shipping containers at a container terminal at Incheon port in Incheon

MONEY & BUSINESS: S.Korea exports grow 25.8% y/y in 2021, sharpest in 11 years



FILE PHOTO: A truck drives between shipping containers at a container terminal at Incheon port in Incheon, South Korea, May 26, 2016. REUTERS/Kim Hong-Ji

January 1, 2022

By Joori Roh

SEOUL (Reuters) -South Korea’s exports expanded at their fastest pace in 11 years in 2021, with the total export value reaching a record high, supported by post-pandemic recoveries in global demand.

For the full year, exports rose 25.8% from a year earlier to $644.54 billion, trade ministry data showed on Saturday, the fastest pace since 2010.

That also marked the first growth in three years after contractions of 5.5% and 10.4% in 2020 and 2019, respectively.

“Now is the time to head towards the $700 billion export-era … The trade ministry will step up policy efforts so that industries and exports can tow the complete (economic) normalisation this year,” Minister Moon Sung-wook said.

A breakdown by items showed exports of semiconductors jumped 29% year-on-year to a record $128 billion, while those of petrochemicals also surged 54.8% to a record $55.1 billion. Other items such as cars and steel jumped 24.2% and 37%, respectively.

By destination, exports to China, South Korea’s biggest trading partner, rose 22.9%, and those to the United States and the European Union jumped 29.4% and 33.9%.

Meanwhile, imports for the full year jumped 31.5% to a record $615.1 billion, rebounding from a 7.1% contraction in 2020.

Moon also said the ministry is reviewing joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and aims for more trade pacts to expand its export markets.

Saturday’s data also showed exports in the final month of the year expanded 18.3% year-on-year, extending growth into a 14th straight month, though the rate was slower than 32% in November. A Reuters’ poll of 13 economists had expected 22% growth.

Total exports stood at $60.74 billion in December, the largest ever monthly figure.

A 35.1% jump in semiconductors exports led December growth, while overall exports to China and the United States also soared 20.8% and 22.9%, respectively.

(Reporting by Joori RohEditing by Chris Reese and Kim Coghill)





Source link

(Visited 5 times, 1 visits today)
KNOWLEDGE is POWER / REAL NEWS is KEY
Woke & Liberal News is Fake News
You will find it on:
CNN - CBS - MSNBC - ABC - The New York Times - The Washington Post - Facebook - Twitter and more
They ALL SUCKS and simply DO NOT tell you the truth PERIOD

WARNING! If you usually get your news from one of these so-called "News Services" Welcome to you, but be prepared for big surprises!
eg. 2+2 is not 5 or 22 but 4 - There is not 57 different genders, only 2
KNOWLEDGE is POWER / REAL NEWS is KEY
Help your friends, family and the truth by sharing this page and articles.
Amen and a-women

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vcnVtYmxlLmNvbS9lbWJlZC92cGVmZ24vP3B1Yj00Ij48L2lmcmFtZT4=
WATCH THIS!

PGlmcmFtZSB3aWR0aD0iNjQwIiBoZWlnaHQ9IjM2MCIgc2Nyb2xsaW5nPSJubyIgZnJhbWVib3JkZXI9IjAiIHN0eWxlPSJib3JkZXI6IG5vbmU7IiBzcmM9Imh0dHBzOi8vd3d3LmJpdGNodXRlLmNvbS9lbWJlZC9KcWlBWFdWUEFLcGYvIj48L2lmcmFtZT4=
THIS IS IT!!!