News ID: 274573
Published: 0753 GMT September 23, 2020

Service exports contribute more to South Korea's 2019 economic growth than goods

Service exports contribute more to South Korea's 2019 economic growth than goods

South Korea's exports of services contributed more to its economic growth in 2019 than overseas shipments of goods, a report showed on Wednesday.

Service exports contributed 0.5 percentage point to the two percent increase in the 2019 gross domestic product of Asia's fourth-largest economy, according to the report from the Korea International Trade Association (KITA), Yonhap reported.

The contribution rate of service exports was the highest since 2014 and much higher than 0.2 percentage point for exports of manufactured goods.

It marked the first time in four years for service exports to contribute more to the country's economic growth than overseas shipments of goods.

The report also showed service exports improving much more than goods exports in terms of creating jobs.

Service exports created 1.7 million jobs in 2018, accounting for 32.1 percent of the total jobs created by overall exports. Such exports were up 2.7 percentage points from 2015.

In contrast, the percentage for goods exports fell to 67.4 percent from 70.2 percent over the cited period.

The report, however, pointed out that the global competitiveness of South Korea's service industry falls far short of expectations. The country's service exports came to $101.5 billion last year, the 16th largest in the world, compared with goods exports of $542.2 billion, the seventh highest.

Security Key:
Captcha refresh
Page Generated in 2/2878 sec