SEOUL, Dec. 15 (Xinhua) -- The credibility and capability of the South Korean economy accumulated prior to the COVID-19 outbreak has helped the export-driven economy overcome the external shock of global pandemic recession, Deputy Prime Minister Hong Nam-ki said Wednesday.

"Whenever the crises came (in the past), fluctuations were big in the external economic and financial sectors because of (the South Korean economy's) high dependence on global trade," Hong, who also serves as minister of economy and finance, told a press conference with foreign correspondents in Seoul.

Compared to the past crises, South Korea's credit assessment indicators showed a significantly "stable" picture this time thanks to the accumulated credibility of the economy and the country's capability to seize opportunities from the crisis, Hong noted.

The country's foreign currency reserves continued to rise from 443.1 billion U.S. dollars at the end of 2020 to 446.1 billion dollars three months later, reaching a record monthly high of 469.2 billion dollars at the end of October this year.

Premium on credit default swap, which gauges the country's sovereign credit risk, hit a record low of 17 basis points on Aug. 30, before rising to 21 basis points on Dec. 10.

Hong said the accumulated credibility and capability of the South Korean economy has led to export growth, driving the country's rapid economic recovery from the pandemic shock.

Export, which accounts for about half of the South Korean economy, topped 50 billion dollars for the ninth straight month for the first time, reaching a record monthly high of 60.44 billion dollars in November.

The outbound shipment both in the traditional and new industries grew this year amid increased exports by small and medium-sized enterprises, Hong added. Enditem

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