Korea’s Exports to Rise 13% in Q1 on Robust Chip Demand

Seoul: The Republic of Korea's exports are expected to increase by nearly 13 percent from a year earlier in the first quarter, driven by strong global demand for semiconductors, Yonhap News Agency reported, citing the state-run Export-Import Bank of Korea (Exim Bank). According to Emirates News Agency, a report by the bank's Overseas Economic Research Institute projects that first-quarter exports will reach around US$180 billion, up about 12.85 percent from $159.5 billion a year earlier. "Though the overall trade environment remains subdued, strong performance in the semiconductor sector has limited the negative impact on overall export conditions," a bank official said. In January, exports jumped 33.9 percent on-year to $65.85 billion, the highest level ever recorded for any January, on the back of solid demand for semiconductors amid the global artificial intelligence (AI) boom.