South Korea becomes world's 6th largest exporter

Added On December 6, 2017

South Korea has become the world's sixth largest exporter. 
The latest figures see the country move up two notches from 2016, mainly due to a rally in oil prices and brisk sales of memory chips.
According to the Ministry of Trade, Industry and Energy on Tuesday, exports by Asia's fourth-largest economy jumped 16.5 percent in the first 11 months of this year, the fastest pace on record.
Total outbound shipments are expected to reach a record high of 575 billion U.S. dollars this year.
The ministry said exports were boosted by strong demand in the IT and manufacturing sectors, as well as increased oil prices.
The semiconductor industry has also hit a super cycle, led by tech giants, including Samsung Electronics and SK Hynix. 
Sales to China, South Korea's top trading partner, rose over 14 percent on the back of memory chips, steel and petrochemical products.
The ratio of exports to emerging markets, including Southeast Asia, India and Eastern Europe also increased, as firms stepped up efforts to diversify their business portfolios.