According to media reports, thanks to the two major manufacturers Samsung Electronics and SK Hynix, semiconductors have been Korea’s largest export for a long time. However, due to the decline in demand for consumer electronics products starting from the second half of last year, Korea’s semiconductor exports have also decreased significantly.
Unlike the impact on semiconductor exports, Korea’s automobile exports have been increasing with the increasing demand for new energy vehicles. The export volume and value in January and February this year have both increased significantly compared to the same period last year.
According to related media reports, although Korea’s overall exports have declined for five consecutive months in February this year, the automobile industry has performed well, with export value reaching a new high and surpassing semiconductors, becoming the product with the highest export value in Korea that month.
From the report, it can be seen that in February, automobiles surpassed semiconductors to become Korea’s largest export source, marking the first time in nearly six years.
According to data released by the Ministry of Trade, Industry and Energy of Korea, driven by the significant increase in exports of new energy vehicles, Korea’s automobile exports in February did increase significantly.
The data from the Ministry of Trade, Industry and Energy of Korea showed that in February this year, Korea exported 62,861 new energy vehicles, a year-on-year increase of 61.1%; the export value was USD 2.02 billion, a year-on-year increase of 83.4%. Korea exported a total of 222,934 vehicles in February, a year-on-year increase of 34.8%; the export value was USD 5.59 billion, a year-on-year increase of 47.1%, setting a new record.