Workers check equipment at a Samsung semiconductor factory – Photo: Samsung Electronics
On August 11, the Korea International Trade Association (KITA) released data showing that in the second quarter of this year, the semiconductor and automobile industries set a new record, accounting for more than 30% of total exports and leading the country’s export turnover.
According to Yonhap News Agency, in the second quarter, South Korea’s total chip and automobile exports reached 54.3 billion USD, accounting for 31.7% of total exports, breaking the record of 29.7% recorded in the first quarter. Of which, chip exports accounted for 20.3% and automobile exports accounted for 11.4%.
The share of chip exports surpassed 20% for the first time in the fourth quarter of 2017, before falling to 13.6% and 14.5% in the first and second quarters of last year, respectively, as the global chip industry went through a recession.
The figure has recovered this year as chip demand recovered thanks to growth in the cloud computing and artificial intelligence (AI) markets.
South Korea’s auto exports accounted for 11.4% of the country’s total exports in the second quarter – Screenshot
Automobile exports hit a record $19.5 billion in the second quarter, 17 years after first hitting the $10 billion mark in the fourth quarter of 2007.
The Korea Automobile and Mobility Association forecasts the country’s overseas auto sales in the second half of the year to reach $37.5 billion, up 6.5 percent from the same period last year.
The forecast is based on strong demand for Korean sport utility vehicles and eco-friendly vehicles in the North American market.