Government: "Exports Will Remain the Key Driver of South Korea's Economic Growth in the Second Half... Upward Trend to Continue"

7th Export Item Officers Meeting
Expecting Continued Export Growth and Surplus Trend in July

The government expects the export boom to continue in the second half of the year, forecasting that exports will drive South Korea's economic growth in the latter half as well.

The Ministry of Trade, Industry and Energy held the 7th Export Item Managers Meeting on the 22nd, chaired by First Vice Minister Kang Kyung-sung, to review the export status of major items in July.

Since January this year, the Ministry has been holding monthly Export Item Managers Meetings chaired by First Vice Minister Kang Kyung-sung, focusing on the 15 major export items representing Korean exports. They have been working to monitor export conditions and devise plans to expand exports to maintain a positive export trend and a trade surplus.

As a result, exports in the first half of this year reached $334.8 billion, a 9.0% increase compared to the previous year, marking the second highest performance ever. Notably, exports of 9 out of the 15 major items increased, driving the upward trend of Korean exports.

Vice Minister Kang emphasized, "In July, our exports continue to maintain a solid upward momentum, and this trend is expected to persist in the second half of the year. Exports are moving beyond recovery toward record-high performance, and major institutions have reflected this trend by revising upward South Korea’s economic growth rate, bringing a favorable breeze to our economy."

He added, "Exports will remain the key driver of our economic growth in the second half. To achieve record-high export performance, the public and private sectors will work as one team to fully support the achievement of export targets by item, such as $135 billion for semiconductors and $100 billion for automobiles and parts, announced at the 5th Public-Private Joint Export Expansion Meeting held on the 16th."

Meanwhile, according to the Korea Customs Service’s announcement on the 'Export and Import Status from July 1 to 20' on the 22nd, export value reached $37.2 billion, an 18.8% increase compared to the same period last year. Consequently, the cumulative export value from January 1 to July 20 this year was $371.952 billion, a 10% increase compared to the same period last year.