South Koreaâ€™s exports of cars and petroleum products are expected to grow solidly this year, but the outlook for steel, ships and other key items is gloomy, a poll showed Thursday.
According to the survey taken by the Federation of Korean Industries (FKI), outbound shipments of cars are projected to expand 6.2 percent this year from last yearâ€™s $46.5 billion.
The lobby for South Koreaâ€™s family-controlled conglomerates attributed its upbeat prediction to improving consumer confidence across the globe and major countriesâ€™ policies to expand the use of eco-friendly cars as part of efforts to achieve carbon neutrality.
Overseas shipments of gasoline and other oil products are projected to soar 14.7 percent from $38.2 billion a year earlier thanks to a rise in prices of liquefied natural gas.
The FKI said export prices of petroleum goods are likely to increase this year thanks to Chinaâ€™s August move to curb overseas shipments of those products by its companies.
Exports of steel products are forecast to shrink 8.5 percent in 2022 from last yearâ€™s $36.4 billion due to a slump in Chinaâ€™s property market and its economic slowdown.
Ship orders are predicted to tumble 19 percent this year from $42 billion in 2021 amid a manpower shortage facing the local shipbuilding industry.
Meanwhile, chip exports are expected to decline 2 percent in 2022 from last yearâ€™s $128 billion due to possible price drops stemming from a supply glut.
Overseas shipments of display panels are projected to decrease 1.4 percent this year from last yearâ€™s $21.4 billion due to a drop in global demand for TVs and Chinaâ€™s growing share of the global OLED panel market, according to the survey.
Last year, South Koreaâ€™s exports jumped 25.8 percent on-year to a record high of $644.54 billion on brisk shipments of semiconductors and other key products.