Hong Nam-ki: "Export Recovery Continues in May... Driven by Semiconductor and Biohealth Growth"

May 1-10 Exports Increase by 81.2%

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, evaluated the export trend from May 1 to 10, stating, "The cumulative export amount from January to April set a record high, and this momentum is continuing into May."

Deputy Prime Minister Hong explained on his social media (SNS) that "although there is a base effect from last year's COVID-19 pandemic, the recent increase is mainly driven by key products such as passenger cars, petroleum products, semiconductors, as well as new industries like biohealth and secondary batteries." According to the Korea Customs Service, exports from May 1 to 10 amounted to $12.48 billion, an increase of 81.2% compared to the same period last year (64.7% on a daily average basis).

Referring to a column by William Pesek, a famous American financial columnist who described Korea as the barometer of the global economy, Hong added, "Exports, which clearly indicate the recovery trend of the global economy and are driving our economy’s rapid and strong rebound, will continue to maintain a solid flow. The government will devote all efforts to strengthening export capabilities."

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