Korean media- South Korea’s exports have grown strongly and this year’s exports are expected to surpass Japan’s for the first time in history
In a recent report, South Korean media highlighted that the country’s export figures for the first nine months of this year reached a record high, marking the second-highest level for this period in history. This surge in exports raises hopes that South Korea’s annual export value could surpass Japan’s for the first time. According to the Ministry of Trade, Industry and Energy (MOTIE), South Korea’s exports for January to September amounted to $508.8 billion.
The Korea Times noted that South Korea’s third-quarter exports grew by 10.7% compared to the same period last year, totaling $173.9 billion — the second-highest figure for this period since the government began compiling such data. In September alone, exports rose by 7.5% to $58.77 billion, achieving a historical monthly high and marking the twelfth consecutive month of growth, with daily average exports reaching a record $2.94 billion.
Professor Cho Hyuk-soo from Chungnam National University pointed out that these statistics have sparked considerable discussion in South Korea about the possibility of exceeding Japanese exports this year. He noted that the gap between South Korea and Japan’s export levels has narrowed to just $3.5 billion in the first half, the smallest differential on record.
Professor Kang In-won from Kyung Hee University emphasized that whether South Korea can surpass Japan in exports will hinge on maintaining growth momentum in the fourth quarter. He also mentioned that while the gap had minimized in the first half of the year, it widened again in July and August, with Japan’s exports from January to August totaling $472.3 billion, compared to South Korea’s $450.1 billion.
Trade officials in South Korea expressed optimism about achieving a target of over $700 billion in annual exports, a goal that may enable the country to exceed Japan in the coming years, considering that Japan’s annual exports have surpassed $700 billion for the past three years.
This optimistic sentiment is evident across South Korea, fueled by various economic indicators and reports suggesting that the country is beginning to outpace Japan. Kang cited data from the Bank of Korea, stating that South Korea’s gross national income (GNI) per capita for 2023 is projected to be $36,194, surpassing Japan’s $35,793.
Additionally, a national competitiveness report from the International Institute for Management Development (IMD) placed South Korea at 20th this year, up from 28th last year, while Japan ranked 38th. The International Monetary Fund (IMF) has forecasted that South Korea’s GDP per capita will reach $34,165 this year, exceeding Japan’s $33,138.
