The Ministry of Knowledge Economy predicts that the top five IT export products' demands will increase in 2010. These products have been large contributors to Korea's export situation for the last five years, which include semiconductors, cell phones, LCD's, home appliances, and computers. The Ministry of Knowledge Economy predicts that semiconductors' export situation will increase by 24.2 percent, cell phones will increase by 8.7 percent, LCD's will increase by 10.1 percent, home appliances will increase by 20.1 percent, and computers will increase by 12.2 percent.
The year 2009 marked a decline in exports for all these products except for LCD's, which had an increase of 28.5 percent. The four other products had a decline from the previous year. However, The Ministry of Knowledge Economy predicts that the new year will bring in positive results. Their expectations for semiconductors and LCD's is especially high, with their goal set at US$410 billion in export sales by the end of the year. Out of the US$410 billion, they expect that the export profit will be about US$20 billion.
Kang Myung Soo, The Ministry of Knowledge Economy's Chief of Imports and Exports, stated, "Korea was ninth in the world in export situations in the year 2009. To make up for the three percent gap with the other powerful export countries across the world, we will try our best to improve the current export insurance, expand guarantees within exports, improve overseas marketing and support all other necessary areas of improvement."
