S.Korea’s 2021 Trade Volume Hits $1 Trln, Poised For Record This Year

South Korea’s trade volume reached $1 trillion for the year on Tuesday and is set for a record in 2021, the country’s customs agency said, rebounding from a four-year low seen in 2020 when the coronavirus pandemic hit global trade.

The country’s trade volume hit that milestone only seven times previously in history but later in those respective years, the customs agency said.

“Should this trend continue, this year’s annual trade volume will set a record amount, signalling a complete recovery from the COVID-19 impact,” the Korea Customs Service said in a statement.

The trade volume reached that level at 1:53 p.m. (0453 GMT), combining $512.2 billion in exports volume and $487.8 billion in imports volume, the agency said.

South Korea’s trade volume was $980.1 billion in 2020, the lowest since 2016.
Source: Reuters (Reporting by Joori Roh; Editing by Ana Nicolaci da Costa)