Seoul, Dec 29 (NationPress) For the very first time, South Korea's annual exports have exceeded US$700 billion on Monday, positioning the nation as the sixth globally to achieve this remarkable feat, according to government statistics.

As per data from the Ministry of Trade, Industry and Resources and the Korea Customs Service, outbound shipments crossed this significant threshold at 1:03 p.m., as reported by the Yonhap news agency.

South Korea joins the ranks of the United States, Germany, China, Japan, and the Netherlands in reaching this milestone, as per the ministry.

Previously, South Korea was the seventh nation worldwide to attain $600 billion in annual exports back in 2018, but it has now ascended to become the sixth to reach the $700 billion threshold, highlighting a quicker rate of export growth in comparison to other leading economies, according to the ministry.

The ministry credited this impressive achievement to strong exports of semiconductors, alongside other key products such as automobiles, ships, and bio-related goods.

Regionally, there has been a decline in export shares to both the U.S. and China, while the share of exports to other Asian countries, the European Union, and Central and South America has witnessed an increase, indicating a shift towards market diversification.

Record highs in exports were reported by small and medium-sized enterprises, both in value and number of companies, up to September, as stated by the ministry.

A ministry official remarked, “Despite facing a difficult trade landscape characterized by U.S. tariff actions and rising protectionism, South Korea has transformed a crisis into an opportunity, showcasing the resilience of our population and businesses.”

Earlier in the year, it was anticipated that exports would face challenges due to tariffs imposed by the Donald Trump administration.

Even though outbound shipments saw a downturn in the first half of the year, they made a robust recovery starting in June, as market confidence improved following the inauguration of the Lee Jae Myung administration and after uncertainties dissipated from a trade agreement with Washington.

The government has pledged to maintain this momentum in the upcoming year by enhancing the fundamental competitiveness of industries through manufacturing innovation, diversifying export markets and products, and increasing incentives to attract foreign investment to local regions.

Furthermore, the government aims to achieve another consecutive year of $700 billion in exports and more than $35 billion in foreign direct investment.