This Year’s Export Semiconductors and 2nd Batteries 'Very Clear'... Display and Steel 'Cloudy'

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[Asia Economy Reporter Jusangdon] It is forecasted that among major export items, semiconductors, ships, biohealth, and secondary batteries will increase by more than 5%, while petroleum products, displays, and steel will continue to decline.

According to the Ministry of Trade, Industry and Energy on the 5th, exports this year are expected to record around $560 billion, a 3.0% increase compared to the same period last year.

An official from the Ministry said, "This year, conditions are being created for our exports to turn positive due to the easing of the US-China trade dispute, a moderate rise in global economic growth rate expectations, improvement in the semiconductor industry, the full-scale delivery of ordered ships, and the strong performance of eco-friendly and SUV models," adding, "We will operate a full-scale response system aiming for an early positive turnaround in exports in the first quarter."

The Ministry presented export forecasts by item in the form of a weather map. Semiconductors, ships, biohealth, and secondary batteries are expected to increase exports by more than 5% compared to last year, forecasted as 'very clear.' In the case of semiconductors, the full-scale deployment of 5G, increased demand for data centers, resolution of oversupply in DRAM and NAND, and rising spot prices are expected to positively impact export growth. For ships, numerous ongoing LNG projects exist, and the delivery of ships ordered after the sharp decline in orders during 2016-2017 is expected to be in full swing. Secondary batteries are expected to see strong orders as Korean companies hold a large backlog of battery orders and are anticipated to secure a significant volume of orders from European Union (EU) companies.

On the other hand, petroleum products, steel, displays, wireless communication devices, and textiles are inevitably expected to decline, forecasted as 'cloudy.' Petroleum products are expected to suffer due to falling oil prices, and steel is expected to remain sluggish due to ongoing global export regulations. For displays, the continuous price decline of LCDs and intensified global competition due to China's expanded investment in OLEDs are expected to negatively affect our exports.

This content was produced with the assistance of AI translation services.