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Korea set to extend export gains for 15th consecutive month in December

Published: 27 Dec. 2024, 11:18 Updated: 27 Dec. 2024, 13:57

Trade Minister Cheong In-kyo speaks during an event in Seoul, in this file photo taken Dec. 16. [YONHAP]

Korea is expected to extend its on-year export gains to 15 consecutive months in December despite external challenges, Trade Minister Cheong In-kyo said Friday.

Cheong made the remark during a meeting with government officials, noting the country is also set to post a trade surplus for 19 straight months, according to the Ministry of Trade, Industry and Energy.

"Ahead of the launch of the new United States administration, uncertainties at home and abroad concerning exports are escalating, especially in the wake of domestic political turmoil," Cheong said.

"The government will maintain close communication with the private sector to minimize negative fallout while pursuing new opportunities, extending its efforts to provide full-fledged support to the economy and businesses," Cheong added.

The ministry, meanwhile, said Korea's exports to seven out of nine major trade partners expanded on year over the January-November period.

Outbound shipments to China, the top trade partner, rose 6.4 percent over the period, driven by demand for chips, IT products and petrochemical goods.

Exports to the United States also jumped 11 percent, supported by strong performances in automobiles, machinery and chips, the ministry added.

Over the first 20 days of December, Korea's exports increased 6.8 percent from the previous year due to growing demand for semiconductors, separate government data showed earlier this month.

Korea is set to announce its full monthly trade report Wednesday.

Yonhap