Chips still top Korean export item

2014_12_chipexportThe semiconductor business is now Korea’s top export earner. Through November, the nation’s major semiconductor makers including Samsung and SK pulled in about $56.8 billion in revenues, the largest ever and about 10.9 percent of the nation’s total exports for the period. There are more than two weeks remaining in 2014, but since oil products are the second-largest export item with total sales of $48.1 billion through November, semiconductors will be the nation’s No.1 export business for the second consecutive year. Industry insiders say total exports for the business will exceed $60 billion by the end of the year.

The semiconductor business, which began in the early 1980s, earned Korea foreign exchanges that were used as seed money to develop advanced electronics industries, including smartphones and wireless communication devices. It was the No. 1 export business for 16 years, from 1992 to 2007, but started fluctuating in 2008 due to the global finance crisis. In 2008, Korea only pulled in $32.8 billion, just 7.8 percent of the nation’s total exports, and chips ranked sixth in export earnings. Shipbuilding was the best export that year ($43.1 billion), followed by oil products, machinery, wireless communication devices, cars and semiconductors.

For full article, see Joongang Daily.

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