Efforts for Recovering Export Performance

The slowdown in exports by key industries such as semiconductors, according to domestic research institutes, will continue for the time being due to the slowdown in global IT demand, and the delayed economic recovery in major countries.
Research institutes assessed that considering the external environment, it would be difficult for Korea to turn its export growth rate into a positive within a short period of time.
KDI also predicted that the global economic slowdown and deterioration in the semiconductor industry would affect exports this year.
The Korean government has set a goal of achieving US$2.2 billion in exports this year, a 10% increase from last year, by fully supporting free trade zones, which are Korea’s export advance bases – given the tough external conditions. Exporters are also seeking their own creative routes to recover their performance in global markets.
In 2022, Korea recorded exports of US$683.9 billion, up from US$644.4 billion achieved in 2021, enabling the nation to become the world’s sixth-largest exporter.
Korea has posted a relatively high 12.2% increase in its exports compared to other nations that primarily export manufactured goods, such as Japan, Germany, and Italy, making Korea the world’s sixth-largest exporter, a notch higher from seventh place in 2021.
In this special issue, Korea Buyers Guide covers a few exporters advancing into global markets.

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