Finance minister expects exports to top $1 tril. this year

Korea's top economic policymaker, Finance Minister Lee Hyoung-il, has expressed confidence that the country's annual exports will surpass the $1 trillion mark this year. Despite challenging external circumstances, such as the ongoing conflict in the Middle East, the economy is projected to experience solid growth, with an estimated growth rate of around 3 percent this year, according to Lee during an emergency economic meeting.

Lee emphasized that the government's primary focus will be on improving citizens' well-being, stabilizing inflation, and reducing income disparities. The minister's optimistic outlook came in the wake of a remarkable surge in exports, with Korea's shipments increasing by 83.5 percent year-over-year to reach a record $120.9 billion in September. This growth was largely propelled by a significant rise in chip shipments.

Semiconductor exports alone exceeded the $60 billion milestone for the first time in history, contributing substantially to the overall export figures, as reported by the Ministry of Trade, Industry, and Resources. In the first nine months of the year, Korea's exports had already reached $814.5 billion, surpassing the previous year's total of $709.3 billion.