Chip exports to continue recovery on higher memory prices: industry minister

Industry Minister Ahn Duk-geun speaks during a session at the National Assembly, Jan. 9. Yonhap

Korea's semiconductor exports are anticipated to continue to lead the overall recovery in outbound shipments this year amid higher memory chip prices, the industry minister said Thursday.

"Korea's chip exports experienced a rebound last year despite the global economic slump and the sluggish semiconductor industry, laying the foundation for exports recovery," Industry Minister Ahn Duk-geun said during his visit to a production line of SK hynix in Icheon, 58 kilometers south of Seoul.

The remark came as Korea's chip exports rebounded for the first time in November since August 2022. For all of 2023, however, outbound shipments of semiconductors fell 23.7 percent on-year to $98.6 billion.

Ahn said semiconductors are anticipated to lead the overall upward export momentum throughout this year amid signs of a recovery in the global market.

"This year, the chip industry is expected to enter a recovery pace driven by a rebound in the global IT industry, coupled with higher prices of memory chips," Ahn said. (Yonhap)