South Korea’s export of aluminium containers during 2019-21 demonstrates an enterprising growth

The economy of South Korea has a mixed economic system that constitutes a variety of private freedom, blended with centralized economic planning and government regulation. Innovation and technology are the vital constituents that have braced South Korean export competitiveness and propelled the country's excellent economic rise over the past decades.

The East Asian nation, South Korea exported 2164 tonnes of aluminium containers during 2019-20, which are very much used in the food and hospitality industry and the revenue incurred from the export of containers accounted for $8.96 million.

In 2019, South Korea exported only 147 tonnes of aluminium containers and the revenue generation development counted to $47,870 million, whereas, in 2020, the export saw enterprising growth by 1272%, as the export volume surged to 2017 tonnes and the earnings climbed to $8.91million.

The export for 2021 is expected to grow with a further rise of 23.25%, as the export volume is estimated to escalate and remain at 2486 tonnes and the earnings to jump at $12.29 million.

The major trading destinations for South Korea’s export of aluminium containers are China, Hong Kong, Hungary, Japan, etc.