S. Korea eyes annual exports of US$ 700 bil. by 2024: report
Updated: 2021-11-30 17:03:45 KST
Just in three years, South Korea could possibly join the club of countries with annual exports of at least 700 billion U.S. dollars.
While South Korea's exports tumbled for the past two years due to the pandemic, it quickly bounced back this year,and looks like reaching an all-time high of 6-hundred-45 billion dollars.
Should the pace of growth seen over the past five years continue,. Korea's annual exports are expected to reach 700 billion dollars by 2024.
This will make South Korea the 6th country to reach that milestone, following China, the U.S., Germany, the Netherlands and Japan.
That forecast by the Federation of Korean Industries lies on the hopes that the country's robust exports in rechargeable batteries, biohealth, OLED displays, and electric vehicles will continue.
However, experts warn that global uncertainties remain over how the pandemic situation could unfold next year.
"We have to see how Omicron develops. It is known to be more infectious but we don't know how critical it is. That raises uncertainties depending on whether countries will impose lockdowns again."
The report also shows how those exports don't necessarily mean more jobs.
Since 2016, export growth has been contributing less to job creation due to the worldwide division of labor.
Many of Korea's exports items are high value products like semiconductors, meaning that less manpower is needed.
Experts say that because of this, it's important for South Korea to come up with long term plans to spur job creation in other sectors.
Kim Sung-min, Arirang News.