S. Korea's trade reliance up in 2024: BOK data
SEJONG, Sept. 21 (Yonhap) -- The South Korean economy became more dependent on t...
Seoul, South Korea - In 2024, the South Korean economy became increasingly reliant on international trade, according to central bank data released by the Bank of Korea (BOK) on Monday. The country's overall industrial transactions rose by 4.6 percent from the previous year to reach 7,113.6 trillion won (approximately US$5.13 trillion), as reported in the industrial input-output analysis by the BOK.
Domestic output constituted 85 percent of total industrial transactions in 2024, a slight decrease of 0.1 percentage point compared to the previous year. Conversely, imports increased to 15 percent, marking a 0.1 percentage point rise over the same period. External transactions, encompassing both exports and imports, accounted for 31.1 percent of the total, a notable 1.5 percentage point increase from the prior year, primarily driven by a surge in outbound shipments.
The semiconductor industry underwent a robust recovery in 2024, following a slump in the previous year, which significantly impacted the overall composition of the economy, as per a BOK official.
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