South Korea's Export Growth Slows, Yet Hopes to Break Records

Despite facing several challenges, South Korea's exports have shown a positive trend for 14 consecutive months, with growth slowing for the fourth month in a row. From December 1 to 20, exports reached $40.3 billion, a 6.8% increase compared to the same period last year, according to the Korea Customs Service.

The government attributes the slowdown to disruptions caused by a strike among major automobile parts manufacturers and heavy snowfall affecting production and logistics.

Jo Ik-no, director of trade policy at the Ministry of Trade, Industry and Energy, remains optimistic about extending the positive export trend to 15 consecutive months in December, particularly focusing on IT items like semiconductors, wireless communication, and computers.

While semiconductor exports surged by 23.4% and computer peripherals saw a 79.7% increase, automobile exports fell by 0.2% and petroleum products by 14.6%. The average daily export amount was $2.52 billion, with a growth rate of only 3.5%.

To surpass the 2022 record of $683.6 billion in exports, December's export amount must exceed $61.2 billion. Jo emphasized the resilience of South Korean exports, stating, "In December, we will continue the positive export trend for 15 consecutive months, focusing on IT items such as semiconductors, wireless communication, and computers."