Ministry of Trade, Industry and Energy

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the fifth Export Items Assessment Meeting on May 21 to take stock of this month’s exports situation.

 

Since snapping the losing streak in October 2023, Korea’s exports are showing strong growth and leading the country’s overall economic advancement in Q1 2024. Early this month, the Organization for Economic Cooperation and Development (OECD) revised its forecast for Korea's economic growth for 2024 to 2.6 percent, up 0.4 percent from its previous February forecast.

 

Korea’s aggregate export value through January–April in 2024 reached USD 220 billion (up 9.6 percent year-on-year), strongly backed by double-digit growth of IT goods like semiconductors (up 52.0 percent), displays (up 13.4 percent), and computers (up 36.4 percent). Major items like automobiles (up 4.7 percent), ships (up 47.5 percent), and general machinery (up 0.9 percent) likewise achieved growth.

 

Vice Minister Kang remarked that “Whereas semiconductors spearheaded the export growth in the first quarter, growth was seen across all IT items and major export items during the month of April,” and added that he looks forward to seeing May's exports and trade balance maintain this growth momentum and that public-private joint efforts will be made to reach the record high export target set for this year.

 

To this end, MOTIE will increase financial, marketing, and certification support for exporters and provide tailored support according to business category and company size. The vice minister stated that further measures for pan-ministerial export support will be established in tandem with the Ministry of Economy and Finance (MOEF) and other related ministries.