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Exports of autos, chips exceed $30 billion each in 2005
August 31, 2005
Korea's six major industries - autos, semiconductors, machinery, shipbuilding, steel and petrochemicals - were forecast to register their highest-ever performance in exports this year. Shipments of autos and semiconductors are also expected to exceed the $30 billion mark each with machinery and petrochemicals reaching the $20 billion.
Vice Commerce, Industry and Energy Minister Cho Hwan-eik on August 3 said that exports of the eight major industries totaled $112.8 billion in the first half of 2005, up 12.3 percent from a year earlier, and imports amounted to $56.4 billion, up 13.1 percent, bringing about a trade surplus of $56.4 billion during the same period.
Cho said the eight industries accounted for 82.6 percent of the entire exports and that their trade surplus was 4.5 times the rest of the country's trade surplus in the year to June. In terms of export growth, petrochemicals topped the list of eight at 39.9 percent, followed by steel 36.7 percent, autos 25.1 percent, machinery 24.8 percent, semiconductors 13.6 percent, and shipbuilding 8.5 percent.
Textiles and digital electronics, however, fared badly in shipments, posting negative growth rates of 6.9 percent and 1.9 percent, respectively.
Cho said despite the negative effects arising from external factors like a weakening U.S. dollar and rising international oil prices, the growing export trends of the eight industries are expected to go on in the second half of the year, adding the eight were endowed with a sound trade surplus foundation, which will be little affected by external prices and costs.