View larger photo ▲ Sung Tae-yoon, Director of Policy at the Office of the President, gives a briefing on economic issues such as the growth rate of real gross domestic product (GDP) in the first quarter at the Presidential Office building in Yongsan, Seoul on the 25th. . 2024.4.25 ⓒ Yonhap News
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Regarding positive economic indicators such as export recovery, the Office of the President emphasized on the 2nd that President Yoon Seok-yeol has been making efforts for the semiconductor and automobile industries.
Seong Tae-yoon, head of the policy office of the President’s Office, held a briefing on the 2nd and announced that the Organization for Economic Co-operation and Development (OECD) would adjust Korea’s economic growth rate forecast for 2024 upwards this afternoon. . Director Seong said, “This is a result of reflecting favorable business conditions in major industries such as semiconductors and a better-than-expected recovery in domestic demand. This year’s growth forecast of 2.6% is the highest among G20 countries with the rate of per capita income of over $20,000.”
Director Seong, who mentioned the April export and import trends published by the Ministry of Trade, Industry and Energy the previous day (1st), said, “If you look at the cumulative results from January to April, exports amounted to $220 billion , and an increase of 9.7% compared to the previous year, an unprecedented performance “There is a clear recovery trend,” he said “Semiconductors increased by 52% and shipbuilding by 47% compared to the previous year, and recorded automobiles the highest export performance. ever, so Korea’s major strategic industries such as semiconductors, automobiles, and shipbuilding are driving the overall increase in exports “There is,” he said.
It was also emphasized that the proportion of exports to the United States had increased compared to exports to China. Director Seong said, “For the first time in 20 years, exports to the US have surpassed exports to China, and there has also been a structural change in the export market, with the US becoming Korea’s largest market. ” He added, “Exports to the United States from January to April this year also totaled $42.4 billion, compared to $42.4 billion “It exceeded exports,” he said.
Director Seong explained President Yoon Seok-yeol’s efforts in this regard, saying that the semiconductor, automobile and shipbuilding industries are leading the export recovery.
Director Seong said, “Since his inauguration, the President has held four semiconductor conferences and explored upcoming issues in the semiconductor industry. Meanwhile, he announced the ‘AI Semiconductor Initiative’ along with the value of the world’s largest ‘semiconductor mega cluster creation plan’. He won 622 trillion “Through summit diplomacy, we have also established a ‘semiconductor alliance’ with key supply chain countries such as the United States, Japan, and the Netherlands,” he said.
Regarding the increase in car exports, Director Seong said, “Until now, our government has been working for the benefit of our companies, including the president, ministers, and working level officials in relation to IRA subsidies in the United States , the world. biggest car market.”
Compared to 2022, exports to China decreased by $13.6 billion, and exports to the United States increased by $6.9 billion.
Because exports fell significantly last year compared to 2022, it is clear that this year’s exports are recovering compared to the previous year. However, looking at the cumulative exports from January to April this year, it is not enough to say that it is a “record performance” or that “we are cruising towards this year’s goal of $700 billion.”
Cumulative exports of $220 billion between January and April this year are about $11 billion short of $231 billion in the same period in 2022. The export amount in 2022, which recorded the highest export amount ever, was $683.9 billion. Considering that performance between January and April this year is lower than the performance of the same period in 2022, it does not seem easy to achieve this year’s goal of $700 billion.
The fact that the structural change that increased the share of exports to the United States compared to exports to China has also been mentioned is interpreted as an assessment that this aspect is a positive factor in the recovery of exports. However, exports to the United States did not increase as much as exports to China decreased. The decrease in exports to China is still greater than the increase in exports to the United States.
Comparing the cumulative export amount only from January to April each year, exports to China are $54.9 billion in 2022 and $41.3 billion this year. Exports to the United States are $35.4 billion in 2022 and $42.4 billion this year. While exports to China decreased by $13.6 billion, exports to the United States increased by $7 billion.
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