President Moon Jae-in said on Monday that South Korea’s trade is expected to amount to an all-time high of more than $1.2 trillion this year on the back of strong exports in a sign that the nation’s economic recovery is faster than anticipated.
“Exports are forecast to exceed $630 billion and trade volume is expected to surpass $1.2 trillion,” Yonhap News Agency quoted Moon as saying while addressing a ceremony marking the 58th Trade Day.
In the first 11 months of this year, South Korea’s cumulative exports came to $583.8 billion, the highest to date, according to government data.
The government expected exports to hit an all-time high in mid-December by beating the previous yearly record of $604.9 billion set in 2018.
Total trade volume stood at $1.14 in the first 11 months of this year.
Moon said South Korea’s economy showed signs of the fastest recovery among the G20 nations.
To cope with the pandemic-triggered global supply chain concerns, Moon said South Korea launched an early warning system to monitor some 4,000 key industry materials and items.
The government will spare no efforts to stabilize supply of such industrial materials by diversifying import sources and increasing their stockpiles, he said.
The President also noted that Korea is moving forward to achieve the bold goal of becoming carbon neutral by 2050.
“The world is going carbon neutral. Only companies and products that reduce carbon emissions will become competitive under the new trade order.”