Finance minister expects exports to top US$1 tln this year

South Korea's finance minister anticipates the nation's total exports to surpass the US$1 trillion milestone this year, amidst challenging external circumstances like the Middle East conflict. Despite these unfavorable conditions, the economy is projected to experience steady growth, with annual growth expected to hover around the 3 percent mark, according to Finance Minister Lee Hyoung-il's remarks during an urgent economic gathering.

The minister emphasized that policy efforts will concentrate on enhancing the living standards of citizens, maintaining inflation stability, and reducing income inequality. The statement followed South Korea's exports, which surged by 83.5 percent year-over-year to reach a record $120.9 billion in September, primarily propelled by a significant jump in chip shipments.

For the first time, semiconductor exports reached over $60 billion last month, contributing to the overall export surge. Through September, the country's exports totaled $814.5 billion, surpassing last year's exports by $105.2 billion, as reported by the Ministry of Trade, Industry and Resources.