According to Korea Ministry of Trade and Industry on September first, the amount of exportation in South Korea in August 2018 reached 51.2 billion dollars, recording the biggest amount of exportation of August each year until now. The amount of exportation in August 2018 increased to 9.7 percent compared with that of 2017. There have been five cases in which the amount of exportation reached more than 50 billion dollars in 2018. The amount of exportation of semiconductors, general machinery, petroleum products, cars, computers increased very much in August 2018. However, the amount of exportation of vessels, home appliances and mobile devices decreased because of intensifying competition, expansion of producing those in overseas countries, and base effect. These results have us predict that the amount of exportation in 2018 will be increasing continually.

▲ According to Korea Ministry of Trade and Industry on September first, South Korean amount of exportation in August 2018 reached 51.2 billion dollars.

According to Standard International Trade Classification (SITC) and Korea International Trade Association, the amount of exportation in South Korea has been totally increasing from 1 billion dollars to 574 billion dollars since 1971 to 2017. For 50 years, the amount of exportation in South Korea has showed a great change. The amount of exportation in 2017 is the highest record. Comparing the amount of monthly exportation in 2017 and 2018 until August, that of 2018 is more than that of 2017 except April. In addition, the amount of exportation from January to August in 2018 is stable or increasing. With these results, the amount of exportation in South Korea in 2018 is predicted to increase, and it will reach the highest record in the amount of the yearly exportation passing over that of 2017.

▲ The graph of Korean amount of exportation and import since January to August in 2018.

There are a lot of exports that make South Korea a strong country in the world. Semiconductors, cars, vessels, IT devices, petroleum products, raw materials of steel and plastic are the South Korean main exports. They take most of the amount of exportation in South Korea. Especially, South Korea exports the half of semiconductors in the world. The amount of exportation of plat panel displays and cosmetics is also increasing with magnificent technologies, which nobody ignores. All these exports will be exported well, and continually, their amount will increase.

▲ The picture of Pyeongtaek port which is the large scale trade port in Korea.

According to World Trade Organization, South Korea is the sixth biggest countries in amount of exportation in 2017. Also, the statistics and items of exportation in South Korea are increasing in 2018. We need to, and it will be great to expect the amount of exportation next month, in September.

2018.09.15 by Lee Ji-eun