Due to Semiconductor and Shipbuilding Boom... Government Expects Export Growth to Continue in Q2 This Year

Export and import performance for March this year will be announced on the 1st of next month. The government expects the export growth trend to continue not only in March but also in the second quarter, driven by strong performance in key items such as semiconductors and ships.

According to the Ministry of Trade, Industry and Energy on the 31st, the ministry will announce the export and import performance for March on the 1st of next month.

Minister Andeok Geun of the Ministry of Trade, Industry and Energy attended the KITA CEO Breakfast Meeting held on the 29th at the InterContinental Seoul COEX in Samseong-dong, Seoul, and gave a lecture on achieving $700 billion in exports and New Industry Policy 2.0. Photo by Yongjun Cho jun21@

The most recent export figure for March 1-20 was $34.1 billion, an increase of 11.2% compared to the same period last year. Export amounts over 10-day periods are greatly affected by the number of working days; from the 1st to the 10th, exports decreased by 13.4% due to 6 working days, which is 1.5 days fewer than the same period last year. However, the number of working days from the 1st to the 20th was 14.5 days, the same as last year, resulting in a positive growth.

The ministry expects the export growth trend, which began in October last year, to continue in March. On the 19th, Kang Kyung-sung, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, stated at the 3rd Export Item Managers Meeting, "The strong export trend of key items, centered on IT items such as semiconductors, will continue in March, maintaining export growth and a surplus flow."

Furthermore, the government expects the export growth trend to continue into the second quarter. On the 29th, An Deok-geun, Minister of Trade, Industry and Energy, said at a lecture hosted by the Korea International Trade Association, "Thanks to the recovery of the IT industry such as semiconductors and the strong export trend of key items such as ships, the upward export trend will continue in the second quarter following the export increase in the first quarter."

The government plans to supply a record-high trade insurance of 255 trillion won this year and significantly improve the support targets and methods. A total of 136 trillion won will be supplied to key export industries including 33 trillion won for automobiles and secondary batteries, 13 trillion won for machinery and ships, 40 trillion won for petrochemicals and steel, and 50 trillion won for IT.