SEOUL, July 28 (Yonhap) - South Korea's exports in the first half of this year totalled 334.8 billion U.S. dollars, an increase of 9 percent year-on-year, according to data released by the Circum-Asia Economic Data Company Limited (CEIC) on 28 July. During the same period, Japan's total exports decreased by 3.6 percent year-on-year to $338.3 billion. As a result, the gap between South Korea and Japan's exports narrowed to $3.5 billion, a record low.

Korea's exports have never exceeded Japan's. Japan's exports peaked at $823.6 billion in 2011, and then showed a downward trend, falling to $756 billion in 2021, $735.8 billion in 2022, and last year fell to $717.3 billion.

On the contrary, South Korea's semiconductor industry is developing rapidly, electric cars and hybrid cars to push up the growth of automobile sales, export performance is bright. 2021 South Korea's exports of $644.4 billion, 2022 to $683.6 billion, a record high, 2023, although slightly reduced to $632.2 billion, but this year, thanks to the semiconductor and automobile exports, is expected to successfully achieve the goal of 700 billion U.S. dollars! The gap between Korea and Japan's exports reached a record high in 2008.

Korea-Japan export gap reached $359.9 billion in 2008 and gradually narrowed to $303.7 billion in 2010, $ 268.3 billion in 2011, and then reduced to $ 250.6 billion in 2012, has been less than $ 200 billion. 2022 down to $ 63.2 billion in 2023 to $ 85 billion. The first half of this year was only $3.5 billion, considering the weakness of Japan's exports and the continued growth of South Korea's exports, South Korea's exports are expected to catch up with Japan for the first time this year.

According to CEIC statistics, the world's top ten exporting countries, the first five months of this year, South Korea's exports increased by 9.9% year-on-year, ranking first. To the cumulative exports in the first five months of this year, South Korea ranked seventh in the world, if this year's strong export momentum continues, is expected to be among the world's top five.

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