South Korea's trade volume is expected to exceed 1.2 trillion U.S. dollars this year, the largest the country has ever recorded.
Exports are also projected to surpass 630 billion dollars, breaking the all-time high.
This welcome news was shared by President Moon Jae-in at an event on Monday to mark the country's 58th Trade Day.
Moon said this year will be recorded as the "year of trade" in South Korea's economic history.
He said South Korea's trade volume topped one trillion dollars in just 299 days, the fastest ever, and added that the country has now become the world's eighth-largest trading nation, moving up one notch.
To concerns about the global supply chain, the President vowed to address the issue by diversifying import channels and increasing domestic production.
"Since last month, we have been operating an early warning system to preemptively figure out the production and export situation in key countries of 4,000 items, which we are largely externally-dependent on. We will also designate key products related to the economy and security, and will come up with supply and demand stabilization measures, including expanding reserves, diversifying importers and boosting local production."
Moon said the country will further expand its export markets once the world's largest free trade agreement known as the Regional Comprehensive Economic Partnershiptakes effect next year.
South Korea will also push for free trade deals with markets in Latin America and the Caribbean as well as in the Middle East.
He once again reiterated the country's commitment to becoming carbon neutral by 2050, saying that the government will work to help companies reduce carbon emissions along the way.
Min Suk-hyen, Arirang News.