The First Time on Single Item Basis
Korea’s semiconductor exports have achieved a new milestone by topping the US$100 billion mark annually, the Ministry of Trade, Industry and Energy (MOTIE) announced on Oct. 25
The ministry said semiconductor exports have already surpassed $100 billion, with two months still left before the end of the year. The 10-month performance is better than the US$97.9 billion recorded for the whole of last year.
It is the first time in the world that exports of a single part exceeded the US$100 billion mark. Previously, some finished products surpassed US$100 billion a year in exports, including U.S. aircraft (2013), Chinese computers (2008), wired and wireless communication devices from China (2010), and German and Japanese cars (2004 and 2007). But these products consist of a large number of parts, while semiconductor is a single part.
The semiconductor export record for the U.S., which is the world’s No. 1 in terms of semiconductor market share, is $60 billion set in 2000. This is due to many U.S. semiconductor companies producing products overseas. The record for Japan, which is another semiconductor powerhouse, is $46.2 billion set in 2007.
Korea’s cumulative semiconductor exports since 1977 surpassed US$1 trillion on Oct. 2 this year. It was also the first time that cumulative exports of a single item exceeded US$1 trillion.
Korea attained the US$100 billion milestone in about 24 years since it achieved US$10 billion in 1994. The government has held "Semiconductor Day" every October since 2008 in commemoration of the day when Korea passed the US$10 billion milestone.
This year's event will also be held at the Intercontinental Hotel in COEX, Seoul, with representatives from the industry and government, including Minister of Industry Sung Yoon-mo and Korean Semiconductor Industry president Park Sung-wook, attending.