South Korea exports expand 25.8% y/y in 2021, sharpest in 11 years

[SEOUL] South Korea's exports in 2021 expanded at their fastest pace in 11 years, with the total exports value reaching a record figure supported by post-pandemic recoveries in global demand for the nation's key exporting items.

For the whole of 2021, South Korea's exports grew 25.8 per cent from a year earlier to a record US$644.54 billion, trade ministry data showed on Saturday (Jan 1), logging the fastest growth since 2010.

That also marked the first growth in 3 years after contracting 5.5 per cent and 10.4 per cent in 2020 and 2019, respectively.

A breakdown by items showed exports of semiconductors jumped 29 per cent year-on-year to a record US$128 billion, while those of petrochemicals also surged 54.8 per cent to a record US$55.1 billion.

Other items such as cars and steels also jumped 24.2 per cent and 37 per cent, respectively.

By destination, exports to China, South Korea's biggest trading partner, gained 22.9 per cent, and those to the US and European Union jumped 29.4 per cent and 33.9 per cent.

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

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

Total exports stood at US$60.74 billion in December, the largest monthly figure of all time.

A 35.1 per cent jump in semiconductors exports towed the December growth, while overall exports to China and the US also soared 20.8 per cent and 22.9 per cent, respectively.

REUTERS