Korea's exports increased by 9% year-on-year

Korea's exports increased by 9% year-on-year in 2024, narrowing the gap with Japan to $20.2 billion, the lowest level ever.

According to the results of the Korea International Trade Association's analysis on Sunday using Japan's Ministry of Finance's provisional export figures, Korea's exports from January to November this year were estimated at $622.386 billion. The gap with Japan ($642.598 billion) is $20.212 billion, the lowest ever.

The gap in exports between the two countries decreased from 303.6 billion dollars in 2010 to 155.2 billion dollars in 2013 and remained in the 100-billion-dollar range for nine years until 2021 (111.6 billion dollars). Afterward, the gap decreased sharply this year, reaching 63.24 billion dollars in 2022 and 85.035 billion dollars last year.

However, the export outlook for next year is not very bright due to increasing protectionism caused by trade conflicts between the United States and China, our two largest export markets, and Korean companies actively relocating overseas production bases to the United States, Europe, and Southeast Asia. Major domestic and foreign institutions also predict that Korea's export growth rate will stay in the 1-3% range next year, estimating weakened export growth compared to this year.


세종=정순구 기자 soon9@donga.com