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S. Korea's annual trade volume hits US$ 1 trillion at fastest pace ever Updated: 2021-10-27 04:40:46 KST

South Korea's annual trade volume for this year reached the ONE TRILLION U.S.-dollar mark on Tuesday 299 days after the year began.
The trade ministry said on Tuesday that this figure was reached in record time after the country first started compiling trade data in 1956.

"As the coronavirus situation is settling down, countries are trading again. There are many reasons behind the rise in exports like an increase in GDP or consumer prices."

The record comes as the global economy recovers from the pandemic and after an increase in exports of semiconductors, petrochemicals, autos, steel, and smartphones.
In particular, South Korea recorded its highest sales in memory chips in the second quarter.
If this trend continues, trade volume for this year may even surpass the record of one.one-four trillion dollars that was achieved in 2018.
As of October 26th, trade volume in exports is at 512 billion dollars and for imports it's close to 488 billion.
To put the figure into perspective, one trillion dollars is the price of around 50 million Hyundai Avante sedans.
The country's yearly trade volume has hit the one trillion-mark seven times.
For the whole of last year, the figure was at 980 billion due to impact of the pandemic.
The total amount of exports of small and medium-sized businesses in January to September was at over 85 billion dollars.
This record-breaking amount comes after a rising popularity of K-culture and more people buying Korean cosmetics and home appliances.
Jang Tae-hyun, Arirang News.
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