S. Korea’s exports to hit record high in 2021: KOTRA
South Koreas exports are expected to reach a record high in 2021, a report said Thursday, on the back of the global economic recovery and stronger demand for semiconductor products.
Outbound shipments are expected to reach up to $610 billion this year, up 19 percent from 2020, according to the Korea Trade-Investment Promotion Agency (KOTRA).
The country's exports dropped 5.5 percent on-year in 2020 to $512 billion amid the COVID-19 pandemic.
KOTRA attributed the rosy outlook to strong overseas sales of displays, mobile devices, and chips amid eased virus rules around the globe.
Global demand for automobiles and petroleum products is also expected to remain on a recovery track down the road in sync with the revitalizing business activities, it added.
South Korea's exports jumped 39.7 percent on-year in June to extend their gains to an eighth consecutive month on the back of a recovery in global business activities.
In the first six months of 2021, exports advanced 26.1 percent to reach $303.2 billion, setting a new record for any first-half period.
KOTRA, however, also warned that South Korea's exports may lose steam over the remaining 2021 amid growing concerns over COVID-19 variants.
Looming protectionism and the hike in raw materials around the globe may also weigh down exports, it added. (Yonhap)