First Vice Minister of Trade, Industry and Resources Moon Shinhak on Oct. 22 gives a congratulatory speech at a Semiconductor Day ceremony at the hotel Grand InterContinental Seoul Parnas in Seoul's Gangnam-gu District. (Ministry of Trade, Industry and Resources)

By Kim Seon Ah

Semiconductor exports this year are projected to surpass USD 165 billion to set a record high for the second consecutive year, driven by the boom in artificial intelligence (AI).

The Ministry of Trade, Industry and Resources announced this on Oct. 22 at a ceremony marking Semiconductor Day at the hotel Grand InterContinental Seoul Parnas in Seoul's Gangnam-gu District. The commemorative day was launched in October 1994 to mark chip exports breaking USD 10 billion for the first time.

In his congratulatory speech at the event, First Vice Minister of Trade, Industry and Resources Moon Shinhak said such shipments this year are predicted to break USD 165 billion to set the all-time high for the second consecutive year.

In the first three quarters of the year, semiconductor exports hit USD 119.7 billion, up 16.9% from USD 102.4 billion year on year. This year's annual figure is expected to surpass the mark set last year of USD 141.9 billion.

As the nation's leading export item, chips accounted for 23% of Korea's outbound shipments worth a combined USD 519.7 billion as of September this year.

"The K-semiconductor sector, which has entered the AI era, must remain the world No. 1 for memory semiconductors and narrow the gap in system semiconductors, fabless, and materials, parts and equipment," Vice Minister Moon said. "The government without shaking will pursue the development of high-tech industries."

sofiakim218@korea.kr