US-India Exports Reach Record High... Ministry of Industry Announces "Focused Support for Highest Exports This Year"

6th Export Regional Officers Meeting

The government has decided to strengthen support for exports, which have shown a strong performance, including record-high exports to the United States and India from January to May this year.

The Ministry of Trade, Industry and Energy held the 6th Export Regional Officers Meeting on the 25th, chaired by Jeong In-gyo, Head of the Trade Negotiations Headquarters, to review the export situation by major regions in June.

Exports increased in six regions including the United States, China, and ASEAN from January to May this year. In particular, exports to the United States showed steady growth across major items such as consumer goods like automobiles (30%), intermediate goods like semiconductors (206%) and automotive parts (4%), and capital goods like general machinery (37%), setting monthly records for 10 consecutive months from August last year to May this year. The cumulative export value up to May this year also achieved a record high for the same period (53.3 billion USD, 17.2%).

Cargo containers are stacked at Pyeongtaek Port as seen from the air. [Aerial shooting cooperation = Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seung-ho - Lieutenant Park Ji-hwan, Crew: Lieutenant Park Sang-jin] Photo by Kang Jin-hyung aymsdream@

Exports to China recorded 52.7 billion USD, up 6.1% year-on-year, driven by increased exports of information and communication technology (IT) items such as semiconductors (37%) and displays (27%).

Exports to ASEAN reached the second-highest record ever (46.0 billion USD, 7.2%), centered on IT items such as semiconductors (23%) and wireless communication devices (19%), as well as petroleum products (14%) and petrochemicals (23%). Exports to India also achieved a record high (7.8 billion USD, 7.9%), with increases in four of the five major export items including petrochemicals (11%), semiconductors (61%), general machinery (4%), and petroleum products (34%).

Head Jeong stated, "Despite the uncertainties in the global economic environment, our exports are showing a solid upward trend in major markets, which means that the competitiveness of our export industries is being maintained steadily in the global market. We will concentrate all available resources as a public-private one team to support this export boom so that it can swiftly sail toward achieving the highest-ever performance this year."