Saturday, September 4, 2021

Korea's exports surge 34.9 percent in August

 


As reported by The Korea Joongang Daily and other local media, Korea's exports grew by about 35 percent in August, with semiconductor chips leading the way.  As noted in the article, "August’s exports were led by semiconductor exports, up 43 percent year-on-year to $11.7 billion as demand for computer chips remained strong.  Exports of semiconductors in August hit a record. Semiconductor exports increased for 14 consecutive months, and the rate of increase has been double digit for five months."  Other ICT sector exports or products heavily influenced by digitalization played a role in this pattern.  "Wireless telecommunication equipment exports were up 62.2 percent year-on-year to $1.4 billion helped along by the rollout of new phones.  Exports from new industries, including those involved in the making of electric vehicles (EV) and biopharmaceuticals, were strong. EV exports surged 130.8 percent, while biopharmaceutical exports grew 17.1 percent."  Clearly digital technologies and industries that depend on them are the primary engine of this nation's export led economy.