SEOUL :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 25.8per cent from a year earlier to US$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 5.5per cent and 10.4per cent in 2020 and 2019, respectively.
“Now is the time to head towards the US$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 29per cent year-on-year to a record US$128 billion, while those of petrochemicals also surged 54.8per cent to a record US$55.1 billion. Other items such as cars and steel jumped…