Korea continues to shine on the global stage, with semiconductors and automobiles emerging as key drivers of the country's export performance. During the second quarter of 2024, these two sectors collectively accounted for a record 31.7 percent of Korea’s total exports, underscoring their pivotal role in the nation’s economic landscape.
According to data from the Korea International Trade Association, semiconductor exports alone made up 20.3 percent of outbound shipments between April and June, while automobiles contributed 11.4 percent. Together, these industries achieved a combined export value of $54.3 billion, setting a new quarterly record and surpassing previous benchmarks.
The resurgence in semiconductor exports can be attributed to the recovering global demand for memory chips and improvements in average selling prices. Last year, semiconductors accounted for a smaller share of exports, but rising demand and strong market conditions this year have propelled their contribution to new heights. Analysts predict continued growth in semiconductor demand, particularly in advanced memory chips for AI applications, which bodes well for Korea's leading chip manufacturers, including Samsung Electronics and SK hynix.
In parallel, the automobile sector also demonstrated robust performance, achieving a quarterly export record of $19.5 billion in the second quarter. Despite global challenges, such as a slowdown in electric vehicle demand, Korea's automotive industry has shown resilience, driven by the popularity of premium models like hybrid vehicles and SUVs, especially in key markets like North America.
As the second half of the year unfolds, the focus remains on sustaining this export momentum amid a competitive global landscape. Industry officials are optimistic about the future, anticipating further milestones and continued contributions from these vital sectors.
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