S. Korea Passes UK, Italy, Netherlands in Export Volume

S. Korea’s total goods export volume soared 20.5% during the first 11 months of 2011 to reach $508.7 billion, becoming the world’s eighth nation to pass the $500 billion level for annual exports. As of September it also rose a notch to sixth place in total outbound shipments, passing Great Britain.

The world’s leading exporters ahead of S. Korea are China, Germany, the US, Japan and France. Just behind S. Korea are the Netherlands, Italy, the UK, Russia, Canada, Hong Kong, Singapore, Mexico, Belgium and Taiwan, according to the CIA World Factbook. Though the Netherlands was listed ahead of S. Korea for 2010, it likely slipped behind some time during October or November.

During the first nine months of 2011 Korea’s exports rose 22.9%, faster than any other nation, including China (22%) and Germany (21.7%). The biggest gaining Korean industries were shipbuilding, petroleum products, semiconductors and petrochemicals.

“Exports are expected to continue to grow in December due to the year-end sales spurt,” noted Ministry official Han Jin-hyun. “We expect to see trade volume surpass the $1 trillion mark on Monday or Tuesday.”

S. Korea’s imports rose even faster at 24.3% for a total of $478.9 billion for the first 11 months. It is the only top-five Asian economy that does not enjoy a large trade surplus.

S. Korea’s emergence as a global trading power has been far swifter than any other nation in history. In 1948 its exports were only $20 million, barely 0.3 percent of the UK’s ($6.6 billion) and 2 percent of Italy’s ($1.07 billion). Based on estimates, it will surpass France in 2012 in total export volume to become the world’s number five exporter.