The Korea International Trade Association on June 24 said the country's exports this year are expected to set a record annual high. Shown are containers on April 1 piled at the Port of Busan. (Yonhap News)

By Wu Jinhua

Exports are expected to set a record high this year due to strong demand for leading items such as semiconductors, cars and information technology (IT).

The Institute for International Trade under the Korea International Trade Association (KITA) on June 24 released a report on imports and exports in the first half of the year and their outlook for the second. The analysis said overseas shipments will grow 9.1% to USD 690 billion (KRW 958 trillion) for a trade surplus of USD 41 billion (KRW 57 trillion).

The report cited strong performances by key items such as semiconductors, cars, IT and ships as the biggest impetus for such growth this year.

Chip exports were seen to grow 31.8% thanks to the surging artificial intelligence (AI) industry and higher demand for IT goods from China, the world's largest consumer market. Cars, a well-performing export sector last year, were expected to maintain growth with 3.7%.

"By maintaining the flow from the first half of the year, we can expect not only record-high exports this year but also to maximize shipments of semiconductors and cars, two leading items," the institute's head Cho Sang-hyun said. "KITA will continue monitoring changes in domestic and foreign conditions and closely communicating with the trade industry and government to maintain export recovery."

jane0614@korea.kr