Korea's trade reliance up in 2024: BOK data
Containers are stacked at a port in Pyeongtaek, Gyeonggi Province, Sept. 6. Yonhap
The Korean economy became more dependent on trade in 2024 amid a strong recovery in the chip industry, central bank data showed Monday.
The country's overall industrial transactions moved up 4.6 percent from a year earlier to 7,113.6 trillion won ($5.13 trillion) in 2024, according to the industrial input-output analysis report by the Bank of Korea (BOK).
Domestic output accounted for 85 percent of total industrial transactions in 2024, down 0.1 percentage point from a year earlier, while imports came to 15 percent, up 0.1 percentage point over the period.
Of the total, external transactions involving both exports and imports accounted for 31.1 percent, up 1.5 percentage points from a year earlier, led by increased outbound shipments.
"In 2024, the semiconductor industry recovered from the previous year's slump and posted a strong rebound, significantly affecting the overall structure of the economy," a BOK official said.