Seoul: The Republic of Korea's annual exports surpassed US$700 billion for the first time, making the country the sixth in the world to reach this milestone, Yonhap News Agency reported. This achievement places Korea alongside the United States, Germany, China, Japan, and the Netherlands, which have also surpassed this significant export figure.

According to Emirates News Agency, data from the Ministry of Trade, Industry and Resources and the Korea Customs Service highlighted Korea's rapid export growth. While Korea was the seventh country globally to reach $600 billion in annual exports in 2018, it has now become the sixth to hit the $700 billion mark. This indicates a faster rate of growth in exports compared to other major economies.

The ministry attributed the strong export performance to robust shipments of semiconductors, as well as key products including automobiles, ships, and bio-related goods. Exports by small and medium-sized enterprises also reached record highs in both value and the number of companies through September.