The statistic shows the value of exports of goods from South Korea from 2010 to 2020. In 2020, goods with a value of around 512.5 billion U.S. dollars were exported from South Korea.
South Korea's exports
The quantity of exports from South Korea has been rising over the past 10 years, with a slight dip in 2009, at the time of the economic crisis. South Korea is one of the leading exporters of cars and electronic goods. Both Hyundai and Samsung are South Korean corporate heavyweights and hold large market shares in their respective segments. However, since 2011 it can be seen that the rise of the value of South Korean exports has slowed. This is likely due to the value of the country's currency, the won, rising higher than the Japanese Yen, making Korean goods less competitive on the global market.
Petroleum products are also an important South Korean export, and falling global oil and gas prices are likely to have been a contributor to lower-than-expected export values as well. However, Korea is also looking to reduce its dependence on exports and focus on developing its domestic service sector instead, in order to sustain long-term economic growth. However, the distribution of the sectors' share in GDP generation has remained nearly the same for the past ten years. While the country is also experiencing greatly reduced levels of growth compared to 2010, when GDP growth reached 6.5 percent, the country is hoping to improve growth rates in the future.
South Korea: Export of goods from 2010 to 2020
(in billion U.S. dollars)
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WTO. (July 23, 2021). South Korea: Export of goods from 2010 to 2020 (in billion U.S. dollars) [Graph]. In Statista. Retrieved January 19, 2022, from https://www.statista.com/statistics/263655/export-of-goods-from-south-korea/
WTO. "South Korea: Export of goods from 2010 to 2020 (in billion U.S. dollars)." Chart. July 23, 2021. Statista. Accessed January 19, 2022. https://www.statista.com/statistics/263655/export-of-goods-from-south-korea/
WTO. (2021). South Korea: Export of goods from 2010 to 2020 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: January 19, 2022. https://www.statista.com/statistics/263655/export-of-goods-from-south-korea/
WTO. "South Korea: Export of Goods from 2010 to 2020 (in Billion U.S. Dollars)." Statista, Statista Inc., 23 Jul 2021, https://www.statista.com/statistics/263655/export-of-goods-from-south-korea/
WTO, South Korea: Export of goods from 2010 to 2020 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/263655/export-of-goods-from-south-korea/ (last visited January 19, 2022)