$1 tril. in annual exports

South Korea is on track to surpass a staggering $1 trillion in annual exports this year, according to the Ministry of Trade, Industry and Resources. Their exports in October alone surged by an impressive 93.7 percent compared to the same period last year, reaching $115.3 billion. This brings the country's total exports in the first ten months of the year to an astounding $930 billion.

With this momentum, Korea could potentially achieve $1 trillion in yearly exports as early as this month, joining an elite club of just four countries - the United States, China, Germany, and now South Korea.

President Lee Jae Myung expressed his gratitude for the tireless efforts of the nation's businesspeople and workers, stating on social media, "It feels only like yesterday that we celebrated exporting $10 billion. I thank the businesspeople and the workers on the production floor who have put in their utmost efforts." His remarks resonated with many who witnessed the country's industrialization boom, which now powers Korea's export-led economy.

The surge in exports even pushed Korea's gross domestic product growth for the third quarter to a remarkable 1 percent, up from 0.6 percent in the previous quarter and surpassing expectations.