Park Sung-taek, Vice Minister of Industry, "Export Conditions in the First Half Are Severe... Effective Measures Needed"

"Export Environment Rapidly Changing Due to Launch of New U.S. Administration"

Park Sung-taek, First Vice Minister of the Ministry of Trade, Industry and Energy, said on the 22nd, "We must make every effort to ensure that effective measures are included in the government-wide emergency export measures."

At the 'January 2025 Export Trend Review Meeting' held that day, Vice Minister Park said, "The export conditions in the first half of the year are particularly severe."

According to the Ministry of Trade, Industry and Energy, December last year recorded $61.4 billion, the highest performance in 31 months since May 2022 ($61.6 billion), leading to the achievement of the highest export record in history for 2024.

The average daily export, considering the number of working days, also recorded $2.67 billion (a 4.3% increase compared to the previous year), setting a new record for December. In particular, semiconductor exports reached a record monthly high of $14.5 billion, while computers ($1.5 billion) and wireless communication devices ($1.4 billion) showed export growth rates of 118% and 16%, respectively. Key items such as petrochemicals, steel, auto parts, and home appliances also recorded favorable export performances.

However, Vice Minister Park said, "Although the average daily export considering the number of working days still shows a relatively favorable trend, the export environment is rapidly changing due to the inauguration of the new U.S. administration," adding, "In January this year, exports are expected to temporarily slow down due to a decline in global demand for IT products, a drop in semiconductor prices, and a significant decrease in working days caused by the six-day Lunar New Year holiday."

Additionally, concerns have been raised that the second Trump administration's intention to impose high tariffs on Mexico, China, Canada, and others could have direct and indirect effects on domestic exports.

Minister of Trade, Industry and Energy Ahn Deok-geun also visited the Korea International Trade Association the day before and said, "Exports in the first half of this year are expected to be particularly difficult," and added, "We are preparing government-wide emergency export measures aimed for announcement in February."

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