- Registration date2024-04-29
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Minister for Trade Inkyo Cheong held the fourth exports promotion meeting with officials in charge of major destinations on April 26 at K-SURE in Seoul to review export conditions per region and discuss tailored export strategies.
In the first quarter of 2024, exports to chief destinations like the U.S. (up 15.5 percent year-on-year), China (up 4.3 percent), ASEAN (up 1.8 percent), and Latin America (up 21.6 percent) increased, recording an 8.3 percent growth to USD 163.8 billion.
To the U.S., automobiles (up 24.2 percent), general machinery (up 50.8 percent), and semiconductors (up 188.3 percent) enjoyed strong growth throughout the first quarter, surpassing all-time highs for the period.
As for China, its information technology (IT) industry rebound led to heightened demand for semiconductors (up 36.3 percent) and displays (up 26.2 percent).
To ASEAN, semiconductors (up 16.5 percent), petrochemicals (up 13.8 percent), and wireless communication devices (up 11.9 percent) led the overall growth.
Exports to Latin America posted the highest growth among all major destinations on the backs of robust demand for general machinery (up 20.1 percent) and petroleum products (up 68.6 percent).
With exports to major destinations like U.S., China, and ASEAN keeping up the growth pace in April, Trade Minister Cheong articulated expectations of exports and trade surplus advancing for the seventh and 11th consecutive month, respectively. “Thorough efforts will be made in expanding the trade network for emerging markets and responding to trade risks from Middle East tensions so that the present upward trajectory can maintain until the year end,” he said.