It is not expected that Korea will be able to achieve 1 trillion dollars in trade this year.



This is because both exports and imports have not been achieved in previous years as the global trade conditions deteriorated due to the prolonged Corona 19 and the aftermath of the US-China trade conflict.



According to the Ministry of Trade, Industry and Energy, the sum of exports and imports from January to October this year (provisional value) was totaled at 798 billion dollars.



A decrease of $73.5 billion, 8.4% from the same period last year ($871.5 billion).



Exports were $415.8 billion and imports were $382.2 billion.



In order for the annual trade amount to exceed $1 trillion this year, the trade amount from November to December must exceed $22 billion.



Last year's November-December trade volume was $174.1 billion.



This means that in the remaining two months, at least, we have to outperform last year.



Korea recorded a record for 4 consecutive years after surpassing 1 trillion dollars in annual trade for the first time in 2011, but failed to achieve it in 2015 and 2016.



However, from 2017 to 2019, it set a record of $1 trillion for three consecutive years.



This year, if it is the current trend, it will be difficult to achieve a trillion dollar Mercury.



It is only positive that exports have recently recovered.



This year's exports hit a direct hit by Corona 19, and after a negative march for six consecutive months since last March, it turned back to an increase of 7.6% only in September.



In October, it declined by 3.6% again, but total exports rose to $45 billion, following $48 billion in September, exceeding $40 billion for the second consecutive month.



Imports continued to decline sharply after Corona 19, then returned to 1.6% increase in September, and then decreased by 5.8% last month.



Total imports have been below $40 billion since it hit $41.8 billion in March.



This is because the amount of energy imports, such as crude oil and liquefied natural gas (LNG), which account for the largest share of Korea's imports, decreased due to the impact of falling oil prices.



An official from the trade industry said, "Exports are improving little by little, but if the amount of trade exceeds 1 trillion dollars, both exports and imports must increase together." Said.



Last June, the Bank of Korea also predicted the volume of trade in Korea at $950 billion this year.



(Photo = Yonhap News)