Exports by Eight Major New Industries Hit US$ 31.47 Billion in 1st Half, Proving Their Value as Driving Forces behind Exports

https://korean-machinery.com///inquiryExports by new industries are growing at a higher rate than total exports. The proportion of new industries’ exports in total exports is on a gradual rise, turning heads toward eight new industries including electric cars, robots and bio-health products.
According to the Ministry of Trade, Industry and Energy, exports by the eight new industries in the first half of the year amounted to US$31.47 billion, accounting for 11.3% of Korea’s total exports. Except for solar power generation exports, they shot up 20% from the previous year.
Exports of the seven items, excluding robots, showed increases.
Next-generation semiconductors and next-generation displays took the lead in driving up overall performances while new energy, bio-health and aerospace exports contributed to a spike in exports by new industries.
Exports of electric vehicles in the first half of the year boomed by 90.9% thanks to strong sales in Europe, which boasts of good charging infrastructure, and the launch of Korean automakers’ main electric car models in the United States.
In the aerospace sector, Corporate Korea delivered six Korean-made T-50s and eight FA-50s, and exports rose due to an increase in exports of aircraft parts in the first half.
Next-generation displays posted record-high biannual earnings, driven by rising demand for OLEDs for smartphones and increased TV sales at home and abroad.
A hike in prices of next-generation semiconductor NAND flash semiconductors and a rise in demand for them significantly elevated MCP exports and exports of system semiconductors switched to an increase from a drop in the previous year.
Exports of high-tech fiber and high-priced synthetic resin rose thanks to an increase in demand for cuttingedge new materials sparked off by a global economic recovery
Exports of finished drugs and biopharmaceuticals edged up in emerging markets of bio-health products and exports of medical devices such as ultrasound imaging devices inched up.
Exports of EVs, batteries for electric vehicles, and smart meters, which are features of the new industry energy, increased sharply in the first half.
Since the first introduction of the solar power HS code this year, the solar power industry exported US$1.26 billion in the first half of the year. Among total exports, PV modules and polysilicon accounted for 55% and 37%, respectively.
Exports of batteries for electric cars and ESSs rose in the first half of the year as demand for electric vehicles grew among major automakers in the EU and the United States.
On the other hand, despite the increase in exports of production robots to India and Vietnam, robot exports recorded a slight decrease in the first half of the year due to the delayed launches of new products and intensifying competition in Europe, the main market.
Among the eight new industry items, six new items –- electric cars, aerospace, new energy industry, nextgeneration displays, next-generation semiconductors and advanced materials –- enjoyed double-digit export growth and all items except for robots posted increases.
“Also in the second half of the year, exports are expected to climb, led by next-generation semiconductors and displays. It is also forecast that the launches of electric cars and service robots will play a positive role in exports by the new industries,” said Lee Min-woo, an assistant manager of the Import and Export Department at the Ministry of Trade, Industry, and Energy. “The Ministry of Trade, Industry, and Energy announced that the ministry will check Korean industries’ international competitiveness fields related to the 4th industrial revolution through the eight new industries’ export statistics and utilize them as basic statistics for new industrial policies.”

< Source: KITA>

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Shinsung Eng provides a system technology solution, which is optimized for diverse industries such as semiconductors, display, chemicals, solar panels, and aerospace.

For the past 36 years, the company has concentrated on developing systems of highly efficient, clean, and energy efficient air-conditioning, plant engineering, and precise construction. Also, Shinsung Eng offers a wide range of services from system planning, to design and construction TAB, to follow-up services with an excellent customer-oriented manufacturing environment.

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