South Korea Achieves Historic Export Milestone

In an unprecedented achievement, South Korea's exports soared to a record $683.8 billion in 2024, eclipsing the previous high of $683.6 billion set in 2022. This remarkable growth propelled the nation to the sixth position in the global export rankings, a significant leap from its eighth-place standing in 2023.

Semiconductors Lead the Charge

Semiconductors emerged as the powerhouse behind this export surge, with a staggering 43.9% year-on-year increase, culminating in $141.9 billion in exports. This sector not only set a new record but also marked 14 consecutive months of growth since November 2023, surpassing the previous high of $129.2 billion in 2022.

Ship Exports and IT Products Show Strong Growth

Ship exports also contributed significantly, with an 18% increase to $25.6 billion, driven by the delivery of high-value-added ships. Additionally, for the first time in three years, all IT products, including semiconductors, wireless communication devices, displays, and computer SSDs, recorded positive growth.

Regional Export Highlights

Exports to China, South Korea’s largest market, grew by 6.6% to $133 billion, while exports to the United States climbed 10.5% to $127.8 billion, setting a new record for the seventh consecutive year. ASEAN-bound exports also saw a 4.5% increase to $114.1 billion, fueled by strong semiconductor and petroleum product exports.

December Exports Hit New Highs

December exports amounted to $61.4 billion, a 6.6% increase year-on-year, marking the highest-ever December export performance. This maintained 15 consecutive months of positive export growth and reversed the declining trend in export growth rates, with December showing a rebound to 6.6%.