South Korea was placed in seventh and ninth in global exports and global trades respectively in 2020 and put up a good fight despite the COVID-19 crisis. Its percentage change ranked fourth highest out of ten major countries and showed relatively satisfactory performance.
According to the World Trade Organization’s (WTO) “World Trade Report 2020”, South Korea’s was ranked seventh in exports just like 2019.
It was reported that South Korea was responsible for 3.1% of the global exports. While the country’s percentage was 2.9% in 2019, it went up in the 3% range after just one year. The first place went to China with 15.8%. China was followed by the United States (8.8%), Germany (8.4%), Netherland (4.1%), Japan (3.9%), Hong Kong (3.4%), and South Korea.
In trade ranking that combines exports and imports, South Korea was placed in ninth just like 2019. Its percentage was same as the one in 2011 (3/0%) when the percentage was the highest for the country.
Exports of ten major countries were generally poor due to COVID-19.
Particularly, the number of countries that reached $500 billion in exports fell from nine (including South Korea) in 2019 to seven (including South Korea) in 2020. During the same span, number of countries that reached $1 trillion in total volume of trade fell from ten (including South Korea) to eight (not including South Korea).

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The percentage change for South Korea’s annual exports in 2020 was -5.5% that was fourth best out of major countries. China (3.7%), Hong Kong (2.6%), and Netherland (-4.8%) were ahead of South Korea.
Exports of the eight countries excluding China and Hong Kong were in the negatives all together. The percentages for Germany, Italy, and German were -7.3%, -7.7%, and -9.1% respectively while the percentages for the United Stated, England, and France were even lower at -12.9%, -14.1%, and -14.5% respectively.
Considering the fact that Hong Kong and Netherland are the countries of transit trade for China and the European Union respectively, South Korea’ performance in 2020 could be seen as second best in the world. The percentages of Hong Kong and Netherland in reexport were 89% and 44% respectively.
The WTO made an estimation back in October last year that this year’s global trade volume would increase by 7.2% compared to last year. It saw recurrence of a trade war between the U.S. and China and protectionism that is becoming more tightened globally as some negative factors that would affect global trade volume.
Staff Reporter Yun, Heeseok | pioneer@etnews.com