South Korea can achieve best-ever exports this year at $605.3 billion on trade volume of $1.15 trillion with bio, EVs, rechargeable batteries and system semiconductors added to the country’s traditional mainstay of memory, automobiles and ships, according to Hyundai Research Institute.

Estimated growth in exports was revised up to 18.1 percent from 10 percent projected in October, HRI reported in a briefing to an exports-focused meeting chaired by trade minister Friday.

The country’s exports reached $146.7 billion, a first-quarter record for the country.

The bright outlook this year is largely attributable to continuing demands for mainstay export goods like chips and autos as well as the country’s enhanced competitiveness in new items like system semiconductors, electric vehicles, biohealth products, and car batteries.

Last year, the outbound shipments of system semiconductors reached an all-time high of $30.3 billion, surpassing No. 5 item steel at $26.6 billion. System chips made up 30.5 percent of semiconductor exports last year, up from 27.4 percent in 2019, showed separate data from state-run Korea Institute for Industrial Economics & Trade.

Automobile exports totaled $35.6 billion, to make South Korea No. 4 car maker.

Exports of organic light emitting diode (OLED) also was historic high of $10.9 billion, grabbing an 85.8 percent share in the global market.

Biohealth exports set a new milestone surpassing the $10 billion mark, led by robust Covid-19 test kits. Korea’s car battery sales volume ranked second in the world, beating out its Asian rival Japan and outbound shipments of solid state drives (SSDs) ranked first in the world on surge in demands.

By Lee Soo-min

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