Kang Kyung-sung, Vice Minister of Industry, "Exports Show Solid Growth Trend... June Also Expected to Continue Positive Trade Surplus"

6th Export Item Managers Meeting

The Ministry of Trade, Industry and Energy held the 6th Export Item Officers Meeting on the 19th, chaired by First Vice Minister Kang Kyung-sung, to review the export situation for June.

Korea's exports have maintained a positive trend for eight consecutive months through May this year, following a turnaround to positive growth in October 2023. In particular, from January to May this year, exports recorded $277.7 billion, a 9.9% increase compared to the previous year, achieving the second-highest export performance ever (95% of the record $292.8 billion in 2022).

Kang Kyung-sung, First Vice Minister of the Ministry of Trade, Industry and Energy. (File photo)

Among major items, exports of information and communication technology (IT) products such as semiconductors and computers, which account for 25% of total exports, reached $69.4 billion in the cumulative period from January to May this year, a 40% increase compared to the previous year. Automobile exports, which have been strong since last year, recorded $30.8 billion, the highest ever. Additionally, ship exports led the upward trend in our exports by increasing 54%, the highest among the top 15 items, reaching $10.2 billion.

The trade balance has maintained a surplus for 12 consecutive months since June last year, recording a total surplus of $32.3 billion during this period. This shows an improvement of nearly $100 billion compared to the previous year’s trade deficit of $66.9 billion (from June 2022 to May 2023).

Vice Minister Kang said, "Our exports are showing a solid upward trend this year, and thanks to this, Korea’s global export ranking rose one step to 7th place in the first quarter compared to 8th place in 2023." He added, "With exports continuing to grow and the trade surplus trend maintained in June, we expect favorable results for the entire first half of the year." He further stated, "We will concentrate all available capabilities as a public-private one team to fully support efforts so that the upward export trend leads to the achievement of the highest export performance ever."