Next Year’s Exports Expected to Increase by 6%... Especially Semiconductors Up 18%

The government expects exports to increase by 6% next year. In particular, semiconductors are projected to show a sharp rise, increasing by 18%.

On the 6th, Bang Moon-kyu, Minister of Trade, Industry and Energy, said at a press briefing, "Semiconductor exports are expected to increase by 18% next year," adding, "Semiconductors will show the fastest recovery."

The Ministry of Trade, Industry and Energy forecasts exports to grow by about 5-6% next year, a more cautious estimate compared to projections from the Korea International Trade Association and Hyundai Research Institute. The ministry expects strong performances to continue, driven by record achievements in semiconductors, shipbuilding, and automobiles.

Accordingly, the ministry plans to announce a system semiconductor development strategy in February next year to solidify the growth trend in semiconductor exports. Minister Bang stated, "The system semiconductor ecosystem includes semiconductor design intellectual property (IP), design houses, and foundries, but these areas are still relatively weak," adding, "We are preparing measures focused on these sectors." He further said, "To prevent the leakage of our advanced technology, we will strengthen the Industrial Technology Protection Act to impose punitive damages of about 3 to 5 times the loss in cases of leakage due to negligence."

Exports in November amounted to $55.8 billion, up 7.8% compared to the same month last year, marking the second consecutive month of growth following October. Notably, semiconductor exports, Korea's largest export item, turned positive for the first time in 16 months, and the trade surplus streak continued for six consecutive months.

In particular, semiconductors increased by 12.9%, turning positive for the first time in 16 months since August last year. The Ministry of Trade, Industry and Energy analyzed that the rise in fixed prices of memory semiconductors since October, with memory semiconductor exports surging by 36.4%, led to the improvement in semiconductor performance in November.

Minister Bang said, "In November, we achieved a 'triple plus' with two consecutive months of export growth, six consecutive months of trade surplus, and a positive turnaround in semiconductor exports, solidifying the upward momentum of exports," adding, "We will fully support this export growth trend to continue beyond the year-end into next year and lead the growth of our economy."

Meanwhile, the Korea Customs Service is scheduled to announce export and import performance data for the period from the 1st to the 10th of this month on the 11th.