November 25, 2021 12:03
The U.S. is expected to account for around 15 percent of Korea's total exports this year, the highest since 2004.
Korea's shipments to the U.S. have been increasing steadily over the last five years. According to the Federation of Korean Industries, exports to the U.S. during 2017-2021 increased 17.9 percent compared to the previous five years and jumped 31 percent this year alone.
Korea's exports to China increased just 7.1 percent over the same period but peaked at 26.9 percent in 2018 and fell to 25.2 percent this year.
The FKI said the Biden administration's carbon-neutrality policy led to a rise in demand for electric and hybrid cars, resulting in increased shipments. But the main drivers were semiconductors, whose prices soared amid a global shortage, and rechargeable batteries.
"The Biden administration is focusing on establishing supply networks for batteries, semiconductors, key minerals, materials and pharmaceutical products, which could further increase Korea's exports," the FKI said. "We need to respond quickly to the rebuilding of the global supply chain."
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