Finance minister expects exports to top $1 tril. this year
Korea's top economic policymaker said Thursday that the country's annual exports are likely to top the historic $1 trillion mark this year despite unfavorable external conditions, such as the Middle East crisis. "Despite the Middle East war and other unfavorable external conditions, the economy is on a solid growth track, and this year's economic growth is likely to be in the 3 percent range,"…
Finance Minister Lee Hyoung-il expects South Korea's annual exports to surpass the $1 trillion threshold this year, despite challenging external circumstances like the Middle East crisis. During an emergency economic meeting, the minister confidently stated that the economy is on a robust growth trajectory, with a projected 3% growth rate for the year.
Lee emphasized that government policies will prioritize enhancing citizens' well-being, maintaining stable inflation rates, and reducing income disparities. The positive outlook for exports was highlighted by Korea's explosive growth in September, where shipments increased by an astonishing 83.5% year-over-year, reaching a record $120.9 billion. This surge was primarily fueled by a record-breaking $60 billion in semiconductor exports, marking the first time that record was achieved in the country's history.
By the end of the first nine months of the year, South Korea's exports had already reached $814.5 billion, surpassing the previous year's total export figures of $709.3 billion.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Finance minister expects exports to top US$1 tln this year en.yna.co.kr
- Finance minister expects exports to top $1 tril. this year koreatimes.co.kr
