{"id":2202620,"date":"2023-11-02T08:00:43","date_gmt":"2023-11-01T23:00:43","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202620"},"modified":"2023-11-01T14:36:41","modified_gmt":"2023-11-01T05:36:41","slug":"south-koreas-export-rebound-automotive-drive-vs-semiconductor-concerns","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/11\/south-koreas-export-rebound-automotive-drive-vs-semiconductor-concerns\/","title":{"rendered":"South Korea\u2019s export rebound: Automotive drive vs. semiconductor concerns"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s exports rose for the first time in 13 months in October, per <\/span><a href=\"https:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_seq_n=168043&amp;bbs_cd_n=81&amp;currentPage=1&amp;search_key_n=&amp;cate_n=&amp;dept_v=&amp;search_val_v=\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> released by the Ministry of Trade, Industry and Energy. Outbound shipments increased by 5.1% year-on-year to reach $55 billion, attributing the surge to strong automobile exports, which marked a 16-month growth streak with a 19.8% boost to $5.88 billion, especially driven by demand from North America and Europe. Exports of petroleum products also rose by 18%, reaching $5.26 billion. However, the semiconductor sector saw a 3.1% decrease in exports, amounting to $8.94 billion, even though this decline was the smallest since Aug. 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By region, exports to the U.S. increased by 17.3%, reaching $10.1 billion, primarily driven by the robust demand for cars, machinery and mobile devices. In contrast, shipments to China dropped by 9.5% to $11 billion, primarily due to a decline in steel and display panel exports. Industry minister Bang Moon-kyu commented on the growth, emphasizing the challenges like U.S.-China tensions, global conflicts and high oil prices while affirming the government\u2019s commitment to supporting continued export growth.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Given South Korea\u2019s export-driven economy, such positive data showcases resilience in the face of global economic uncertainties, like the U.S.-China trade tensions and higher oil prices. This could buoy investor confidence in the short term, possibly leading to increased foreign investments. Recent international agreements such as the 51 deals and memorandums of understanding (MOU) totaling <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20231022005851315\"><span style=\"font-weight: 400;\">$15.6 billion<\/span><\/a><span style=\"font-weight: 400;\"> that South Korea signed with Saudi Arabia will likely boost investor confidence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the consistent downturn in the semiconductor sector is concerning. A continuous dip in chip exports could spell trouble, given the global demand and the importance of semiconductors to tech advancements. From a foreign policy perspective, the shift in trade dynamics could have broader implications. The notable decrease in exports to China, juxtaposed against the surge in exports to the U.S., might hint at a potential reorientation of trade prioritization. Such a move could influence Seoul\u2019s diplomatic maneuvers, especially when U.S.-China tensions continue to make headlines.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s exports rose for the first time in 13 months in October, per data released by the Ministry of Trade, Industry and Energy. Outbound shipments increased by 5.1% year-on-year to reach $55 billion, attributing the surge to strong automobile exports, which marked a 16-month growth streak with a 19.8% boost to $5.88 billion, especially [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2202620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s export rebound: Automotive drive vs. semiconductor concerns - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/11\/south-koreas-export-rebound-automotive-drive-vs-semiconductor-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s export rebound: Automotive drive vs. semiconductor concerns - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s exports rose for the first time in 13 months in October, per data released by the Ministry of Trade, Industry and Energy. 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