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Automotive overtake semiconductor as top trade surplus item

Automotive overtake semiconductor as top trade surplus item

Posted April. 11, 2023 07:50,   

Updated April. 11, 2023 07:50


For the first time in nine years, cars have become the leading trade surplus item, surpassing semiconductors. With a sharp decline in semiconductor exports, the automobile industry has been pivotal in reducing the country's trade deficit.

According to the export and import statistics released by the Korea International Trade Association on Monday, during the first two months of this year, cars recorded a trade surplus of 7.92 billion U.S. dollars, with exports worth 10 billion and 577.95 million dollars and imports worth 2 billion and 665.710 million dollars. Cars are now at the forefront of all exported items, surpassing semiconductors, which had held the top position for six consecutive years from 2017 to 2022, and now rank seventh with a trade surplus of 1 billion and 898.95 million dollars.

This is the first time that cars have surpassed semiconductors in trade surplus since 2016, when cars ranked second and semiconductors ranked third. The last time cars ranked first was in 2014, nine years ago. Other top trade surplus items include petroleum products (4.79 billion dollars), synthetic resins (3.22 billion dollars), shipbuilding structures and parts (2.62 billion dollars), and car parts (2.57 billion dollars).

Korea Automobile Manufacturers Association reported that the average export price per car for completed car manufacturers of Korea reached a record high of 21,276 dollars per car. This increase is attributed to the surge in exports of high-profit leisure vehicles (RVs) and eco-friendly cars containing high-priced parts.