South Korea’s Chip, Auto Exports Rise to $54.3 Billion in Q2 of 2024

South Korea's combined exports of chips and cars reached $54.3 billion in the April-June period, taking up the highest quarterly figure of 35.6 percent of total exports, according to data compiled by the Korea International Trade Association (KITA). The previous high was 32.9 percent tallied in the third quarter of 2018. Chip exports accounted for 23.5 percent of total exports, and auto exports 12.1 percent. In detail, the proportion of chip exports surpassed the 20 percent mark for the first time in the fourth quarter of 2017 before decreasing to 15.7 percent and 16.4 percent in the first quarter and second quarter of last year (2023), respectively, due to a downturn in the global chip industry. The figure rebounded this year (2024) on the recovery of the global chip demand, driven by the growth of the cloud computing and artificial intelligence markets. Auto exports reached $19.5 billion, the highest quarterly tally, in the April-June period, 17 years after the tally surpassed the $10 billion mark for t he first time in the fourth quarter of 2007. The Korea Automobile and Mobility Association (KAMA) forecast overseas sales of automobiles will reach $375 billion in the second half of 2024, up 6.5 percent from a year ago, thanks to robust demand for Korean eco-friendly and sports utility vehicles in the North American market. Source: Oman News Agency