S. KOREA’S EXPORTS CONTINUE TO BOOM

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Korea's exports continue to boom even amidst the pandemic, with Korean shipping companies benefiting the most. One local shipping firm has even set a record of 32 full ships in a row -- something it couldn't achieve even when its business was in its prime.

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[Soundbite] "Two, three!"

As the ropes are cut, the name of the new ship is revealed. easuring 365 meters long, this vessel can carry 16,000 containers at once. t's the largest ship to date to navigate in the Panama and Suez canals. The vessel has been deployed a month earlier than scheduled. Recently it set a record of 32 fully loaded trips in a row on booming exports.

[Soundbite] Bae Jae-hoon(CEO, HMM) : "The charges will likely remain high for the time being because of the accumulated freight. I think things will stay upbeat for the shipping sector."

As shipping vessels are in short supply these days, Korean shipbuilders are enjoying brisk business. They have already received half of this year's global shipbuilding orders. This indicates that Korea's exports are thriving despite the coronavirus pandemic. The country's exports rose 16 percent year-on-year in March. Exports of semiconductors and passenger cars posted double-digit growth, leading Korea's export boom. The surge in exports can be attributed to the increased overseas demand of COVID-19 vaccinations and economic stimulus packages. Above all, Korea's exports have benefited the most from the recent rise in shopping sprees as consumers are eager to spend after a long time of staying at home.

[Soundbite] Cho Young-moo(LG Economic Research Institute) : "Economic and social activities are normalizing in major countries on growing expectations for COVID-19 vaccinations. Korean exporters are benefiting from that."

Korea's exports are looking for an opportunity amid the crisis. Local shipping companies plan to deploy eight large ships for transporting goods overseas to strengthen the economic recovery momentum.