Exports Reach Another Record High

  • By Lee Sung-hoon

    July 02, 2021 13:06

    Korea's exports soared to a record-high US$300 billion in the first six months of this year powered by strong sales of semiconductors, petrochemical products and cars. Monthly exports have now increased for eight months in a row.

    The Ministry of Trade, Industry and Energy said Thursday that last month's exports surged 39.7 percent on-year to $54.8 billion, while outbound shipments in the first half jumped 26.1 percent to $303.2 billion.

    Exports of Korea's 15 major export items including semiconductors and general machinery to nine key markets all rose for the first time in a decade in June.

    Economic recoveries in major markets like the U.S., China and Europe plus a surge in demand for IT devices in lockdown translate into sharp export growth for Korea.

    Shipments of 13 key products rose in the double digits -- petrochemicals 51.1 percent, cars 49.9 percent, and automotive components 43.6 percent. Korea exported $57.1 billion worth of microchips alone in the first half, the second-highest amount ever.

    The Korea Trade-Investment Promotion Agency on Thursday forecast exports for the whole of this year to increase 17 to 19 percent to a record $600-610 billion.

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