News Karnataka
Wednesday, February 08 2023
World

Exports in S.Korea’s free trade zones hit all-time high

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Seoul: Exports by companies in South Korea’s free trade zones grew 89.6 per cent on-year to hit an all-time high last year, the Ministry of Trade, Industry and Energy said on Sunday.

Outbound shipments came to $10.94 billion, surpassing the $10 billion mark for the first time ever, according to the data from the Ministry.

The growth is attributable to strong demand for electric and electronic goods, automotive chips, semiconductor-related products and Covid-19 items amid a global economic recovery, Yonhap News Agency reported citing the Ministry.

South Korea operates 13 free trade zones across the country, including the western city of Incheon and the southeastern port city of Busan, to promote exports and foreign investment by offering eased regulations and other benefits.

A total of 1,152 domestic and foreign companies ran businesses there as of September 2021.

Their combined sales accounted for 1.7 percent of the country’s total exports last year, according to the data.

In 2021, South Korea’s exports advanced 25.8 percent on-year to reach a record high of $644.54 billion.

“The government will take steps to actively support exporters and to implement ways to innovate the operation of the zones,” a Ministry official said.

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