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S. Korea's exports via RCEP hit US$3.3 bln in 2022

Economy 15:31 February 01, 2023

SEOUL, Feb. 1 (Yonhap) -- South Korea's exports utilizing a regional trade pact encompassing a third of the world's gross domestic product reached US$3.3 billion in 2022, data showed Wednesday.

The performance came after the Regional Comprehensive Economic Partnership (RCEP) went into effect in February last year, according to the Korea Customs Service. The combined amount of imports under the system came to $5.6 billion.

The RCEP is a regional trade pact that covers 10 ASEAN nations and its five dialogue partners -- South Korea, China, Japan, Australia and New Zealand. The agreement did not kick off in Myanmar and the Philippines yet.

Exports to Japan accounted for $2.2 billion, taking up 67.3 percent of the total, trailed by China with 27.7 percent and Thailand with 2.4 percent, the data showed.

Major export products to Japan and China included battery materials such as nickel sulfate, whose tariffs were lifted under RCEP, according to the agency.

S. Korea's exports via RCEP hit US$3.3 bln in 2022 - 1


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