Jung In-gyo "Exports Show Balanced Growth in Key and Emerging Markets... Will Respond to Changes in US Government's Economic and Trade Policy Direction"

Ministry of Trade, Industry and Energy, 11th Export Region Officers Meeting

This year, exports have shown steady growth not only in major markets such as China and the United States but also in emerging markets like Latin America and India. The government plans to actively respond to ongoing risks such as the Russia-Ukraine war and changes in economic and trade policies under the Trump administration to maintain the upward trend in exports.

The Ministry of Trade, Industry and Energy announced that on the 20th, under the chairmanship of Jeong In-gyo, Director General for Trade Negotiations, the '11th Export Regional Officers Meeting' was held to review export conditions and risks by major region.

From January to October this year, exports increased in 7 out of 9 major regions, including China, the United States, and ASEAN. Exports to China reached $110 billion, up 7.2% year-on-year, driven by increased exports of IT products including semiconductors ($38.6 billion, +31%), IT items ($50.4 billion, +26%), and petrochemicals ($14.6 billion, +4%). Exports to the United States also rose by 12.9% ($105.5 billion), supported by strong sales of automobiles ($29.5 billion, +17%), general machinery ($12.7 billion, +13%), and semiconductors ($8.1 billion, +138%).

Exports to ASEAN ($94.6 billion, +5.2%) showed favorable trends with IT products including semiconductors ($22.9 billion, +28%), IT items ($36.1 billion, +16%), petroleum products ($13.3 billion, +4%), and petrochemicals ($5.6 billion, +20%). Additionally, exports to emerging markets such as Latin America ($24.3 billion, +18%), the Middle East ($16.1 billion, +3%), and India ($15.6 billion, +5%), as well as to Japan ($24.5 billion, +2%), also increased.

Director General Jeong stated, "With ongoing risk factors such as Middle East conflicts and the Russia-Ukraine war, and anticipated changes in the external trade environment due to the new economic and trade policy directions of the new U.S. administration, we will conduct thorough situation assessments and respond accordingly. We will provide full support as a public-private one team to ensure that our exports continue their solid upward trend in November and December."