South Korea’s Chip Exports Expected To Top $100 Billion In 2021: Reports

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  • South Korea’s chip exports are projected to increase 10.2 per cent on-year to $109.3 billion in 2021
  • Yonhap news agency said that local research institutions have predicted that exports of memory chips are expected to increase about 12 percent on-year to surpass $70 billion

As per various media reports, South Korea’s exports of chips are expected to top $100 billion this year, the trade ministry said. This is due to rising demand of IT products amid the pandemic-induced contactless trend.

South Korea’s chip exports are projected to increase 10.2 per cent on-year to $109.3 billion in 2021. It is the the second-best performance after 2018, when it shipped $126.7 billion worth of semiconductors, as per a report from the Ministry of Trade, Industry and Energy and the Korea Semiconductor Industry Association

In 2020, its chip exports reached $99.2 billion, up 5.6 percent from a year ago, as per the ministry data. Exports of system chips reached their largest number ever at a value of $30.3 billion last year.

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Spending on chipmaking equipment in 2021 at $18.9 billion

Yonhap news agency said that local research institutions have predicted that exports of memory chips are expected to increase about 12 percent on-year to surpass $70 billion. Export of system chips are estimated to advance seven percent on-year to reach above $31 billion in 2021.

Citing data from SEMI, a global industry association representing companies in the chip industry, the ministry said South Korea’s spending on chipmaking equipment in 2021 is expected to be the largest in the world at $18.9 billion.

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