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 more reliant on trade, according to data released by the Bank of Korea (BOK). The country's industrial transactions grew by 4.6 percent to reach 7,113.6 trillion won ($5.13 trillion), as reported in the industrial input-output analysis. Domestic output made up 85 percent of these transactions, a slight decrease of 0.1 percentage point from the previous year.
Imports, on the other hand, accounted for 15 percent of the total, marking a 0.1 percentage point increase over the year. External transactions, including both exports and imports, constituted 31.1 percent of the total, a notable rise of 1.5 percentage points compared to the previous year. This increase was largely driven by a surge in outbound shipments, a trend led by the semiconductor industry's strong rebound after a slump in the previous year.
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- Korea's trade reliance up in 2024: BOK data koreatimes.co.kr
