Export performance seen improving in second half

Korea’s exports are likely to improve in the second half as demand for semiconductors picks up gradually, a senior government official said Friday.

Lee Ho-seung, the first vice minister of economy and finance, made the forecast in a regular meeting with officials from the central bank and other relevant financial authorities.

Korea’s outbound shipments fell 8.2 percent year on year to $47.1 billion in March due to falling global chip prices. It marked the fourth straight month that exports have fallen.

The country’s outbound shipments of chips dipped 16.6 percent year on year in March due to a drop in global prices coupled with slower sales of smartphones on low seasonal demand.

Semiconductors are a key export product for Korea, home to Samsung Electronics, the world’s largest memory chip maker, and SK Hynix.

Lee said the government will closely monitor major risk factors at home and abroad and take necessary measures.

Yonhap