Korean exports to grow 1.8% to $697 billion in 2025: KITA

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Korean exports to grow 1.8% to $697 billion in 2025: KITA

Published: 27 Nov. 2024, 19:54

shipping containers at a port in Busan [YONHAP]

Korea's exports are projected to gain 1.8 percent on year to reach $697 billion next year, a Seoul-based trade association said Wednesday, amid uncertainties stemming from former U.S. President Donald Trump's second term starting in January.

For 2024, the Korea International Trade Association (KITA) predicted the country's exports to reach $685 billion, up 8.4 percent from last year, driven by strong shipments of chips and automobiles.

The projection falls short of the government's annual target of $700 billion but would still mark the highest tally if realized.

For 2025, KITA forecast exports to grow 1.8 percent from this year's estimated $685 billion to $697 billion, while imports are expected to rise 2.5 percent on year to $654 billion, resulting in a trade surplus of $43 billion.

Earlier this week, the Korea Institute for Industrial Economics and Trade predicted the country's exports to grow 2.2 percent on year in 2025 to reach $700 billion, driven by the robust performance of premium semiconductor products.

Yonhap