Exports pass the 100 billion dollar mark

The Ministry of Commerce, Industry and Energy (MOCIE) announced that exports tipped over the 100 billion dollar mark as of August 27.
The date was two days earlier than last year, verifying predictions that the export industry would get back on track, explained MOCIE. Last year exports were strong in the first half, however weakened in the second half.
An MOCIE official said that the 9.11 attacks, a global economic recession and weak semi-conductor market caused the Korean export market to decrease by 19.7% in the second half last year compared to the same period of the previous year. However, export increase rates turned rebounded in April and hit the double-digits in July, giving cause for bright expectations in the second half this year, he added.
The ministry explained that the main exports, semi-conductors, LCDs, petrochemicals, and cars, regained a great deal of stability in their markets. 128 MB DRAM chips climbed to $2.64 a unit in July, up from $1.87 at the end of last year. 15 inch LCDs also increased to $247 dollars from $217. Computers and semi-conductors also recovered from last year’s slump. The IT market, including wireless communication tools, is expanding its share of exports with more and more developing countries being added to the export list.
MOICE expects exports this year to reach $162 billion dollar, a 7.7% growth from last year, considering current export circumstances and the encouraging double-digit increases foreseen for the second half this year.
MOICE predicted IT products such as semi-conductors, computers, and wireless communication tools would show favorably, however the strong Won could negatively influence exports causing weakened competitiveness compared to the Yuan.