S. Korea Moves Up to 8th Place in Global Trade Volume
By wchung | 20 May, 2025

South Korea overtook Italy during 2012 to become the world’s eighth biggest trading nation according to World Trade Organization data, reported the Ministry of Knowledge Economy.

S. Korea’s total trade volume — which combines exports and imports — rose to 1.68 quadrillion won ($1.54 trillion) on the strength of large-volume exports of a relatively small number of global top-selling products.

“The number of Korea-made products that are the top sellers in the global market is small compared to other countries,” said the Ministry.

China has 1,431 of the world’s top export items while Germany has 777 and Italy, currently in ninth place, has 230. S. Korea has only 61. The Ministry blamed the discrepancy between its high status as a trading nation and its small number of world-beating products on the lack of export success by small and mid-sized firms.

“Although we have become a country with the world’s eighth-largest trade volume, the discrepancy of trade volume between large and small companies has intensified as small and medium companies (SMEs) have not been very successful in international trade,” stated the Ministry in its press release.

The percentage of exports produced by SMEs fell from 42.9% in 2001 to just 33% in 2011.

“We will provide R&D support to SMEs and help them develop their global trade connections,” said the ministry.

Korea can reach the 2 quadrillion won level with stronger export contributions from small- and medium-size companies, said the Ministry. At that level, the nation would likely pass the UK, France, Netherlands and Japan to rank in fourth place, just below Germany.

The US retained its position atop the list of the top trading nations with $3.88 trillion, followed by China with $3.87 tril. and Germany with $2.58 tril. during 2012. However, China is expected to overtake the US soon due to its far faster growth rate for exports. China’s exports grew an average of 19.2% per year between 2000 and 2012 while US exports only grew 5.9% per year. S. Korea’s exports grew at an average annual rate of 10.2%.

S. Korea’s largest export categories were petroleum products ($51.7 bil.), semiconductors ($46.1 bil.), machinery ($44.0 bil.), autos ($43.0 bil.), petrochemicals ($42.0 bil.), shipbuilding ($36.9 bil.), steel ($34.2 bil.), LCD devices ($25.6 bil.), auto parts ($22.5 bil.) and wireless devices ($20.8 bil.).