S. Korea's exports surge by 5.5% to record US$ 605.5 bil. in 2018

Taking a look back at how the nation's economy performed in 2018.South Korea's exports hit a record high last year...thanks to increased outbound shipments of semiconductors. Ko Roon-hee breaks down the digits for us. South Korea's exports surged to a record high last year...thanks to increased outbound shipments of semiconductors. According to the trade ministry on Tuesday..., the total value of exports last year was around 605-point-5 billion U.S. dollars...up 5-point-5 percent from the previous year. South Korea is now the 7th country in the world to surpass the 600-billion-dollar mark in annual exports. The ministry attributed the rise to strong exports of semiconductors...which increased by almost 30-percent in 2018 compared to the previous year.Up to November 20th last year, semiconductors accounted for more than 20-percent of total exports. Analysts say, the increased demand for memory chips comes on the back of increased construction of data centers, which are centralized locations where computing and networking equipment is concentrated for storing or processing large amounts of data. Export figures for petroleum products also increased... due to the rise in international oil prices.The price of Dubai crude, South Korea's benchmark, rose by more than 30-percent in 2018... meaning higher export prices for Korea. Another reason was strong global demand for Korean machinery... especially from new markets such as India. Breaking it down by export destination, the ministry pointed out that exports to the U.S. and China also hit a record high... despite the ongoing trade war between the world's biggest economies.In 2018, exports to the U.S. increased by 6-percent and China by more than 14-percent. Trade Minister Sung Yun-mo said on Tuesday... that these strong figures mean that the quality of local products has reached the level similar to other leading countries like the U.S.He also vowed to actively support small and mid-sized businesses that look to enter overseas markets. However, he acknowledged that companies might go through some difficulties this year...due to the ongoing trade war between the U.S. and China and a slowdown in global economic growth.Ko Roon-hee, Arirang News.