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Exports in S.Korea's free trade zones hit all-time high
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IANS | 23 Jan, 2022
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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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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