Korea's trade reliance up in 2024: BOK data
The Korean economy became more dependent on trade in 2024 amid a strong recovery in the chip industry, central bank data showed Monday. The country's overall industrial transactions moved up 4.6 percent from a year earlier to 7,113.6 trillion won ($5.13 trillion) in 2024, according to the industrial input-output analysis report by the Bank of Korea (BOK). Domestic output accounted for 85 percent…
In 2024, the Korean economy became increasingly reliant on trade, according to data from the Bank of Korea (BOK). Industrial transactions rose by 4.6 percent year-over-year to reach 7,113.6 trillion won ($5.13 trillion), as reported in the central bank's industrial input-output analysis. The domestic output remained the dominant force, contributing to 85 percent of these transactions, a slight decline from the previous year.
Meanwhile, imports rose to 15 percent, marking a 0.1 percentage point increase from 2023. The overall external transactions, encompassing both exports and imports, constituted 31.1 percent of the total, a notable 1.5 percentage point rise compared to the prior year. This surge was primarily driven by heightened outbound shipments.
The semiconductor industry, which had previously faltered in the previous year, experienced a robust rebound in 2024. This recovery had a significant impact on the overall economic structure, as revealed by a BOK official.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Korea's trade reliance up in 2024: BOK data koreatimes.co.kr
