S Korea's exports likely to decrease this year excluding chip shipments
Semiconductors accounted for 28.3 percent of South Korea's exports in November, a record high mark for this year. It raises concerns about excessive dependence on the chip sector
Seoul: South Korea's exports are projected to exceed a record $700 billion in 2025, but shipments excluding semiconductors are expected to post an on-year decline, government data showed on Sunday.
Exports totalled $640.2 billion from January through November, up 2.9 percent from a year earlier and the highest level ever for the period, according to the Ministry of Trade, Industry and Resources.
The previous record for the period was $628.7 billion in 2022, reports Yonhap news agency. The government expects total exports this year to surpass $700 billion for the first time.
However, excluding semiconductors -- which are benefiting from an "industrywide super cycle" -- exports are projected to shrink amid global trade uncertainties and slowdowns in various sectors, such as steel, petrochemicals and secondary batteries.
Exports excluding semiconductors fell 1.5 percent on-year to $487.6 billion.
Shipments of automobiles, ships, biohealth products and computers rose 2 percent, 28.6 percent, 7 percent and 0.4 percent, respectively, but all the other sectors posted an on-year drop. Machinery exports decreased 8.9 percent, petroleum products fell 11.1 percent, petrochemical products declined 11.7 percent, and steel shipments went down 8.8 percent.
