Qatar Bank: S Korea Reframes Trade Role
South Korea reshaped its role in the global trade system during 2026, recording a historic export value of $709.7 billion, with a 70.9% year-over-year increase in June driven by rising demand for semiconductors and solid-state drives. It also succeeded in reducing its dependence on China by diversifying its trade relationships with Southeast Asian countries and beyond, and by forging strong security and economic partnerships, notably through a landmark agreement with the United States that included tariff reductions and significant investment commitments. However, South Korea faces challenges in the memory chip market, which accounts for approximately 73% of the global industry, amid ongoing competition and disruptions in international trade. These pressures are prompting the country to seek greater reliance on its ability to influence global supply chains and to develop diverse industrial sectors such as defense industries.
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