S. Korea's trade volume surpasses US$1 tln at fastest pace

SEOUL, Nov. 16 (Yonhap) -- South Korea's trade volume exceeded US$1 trillion at the fastest pace ever Friday, led by brisk sales of memory chips and petrochemical products, the trade ministry said.

The Ministry of Trade, Industry and Energy, and the Korea Customs Service said the accumulated trade volume this year has breached the $1 trillion mark for the second consecutive year.

If this trend continues, the annual trade amount in Asia's fourth-largest economy is expected to break the previous record to reach over $1.1 trillion this year, the ministry said.

South Korea attributed the upbeat trade to the global economic recovery and oil price rally, which helped overcome challenges from the prolonged trade war between the United States and China, and rising volatility in the global financial market.

Among them, exports of semiconductors and petrochemical products jumped 36.2 percent and 15 percent on-year in the first 10 months of this year, respectively, both all-time highs, the ministry noted.

ejkim@yna.co.kr
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