South Korea’s exports rose 8.2% year-on-year in 2024, reaching a record-high $683.8 billion, driven by robust shipments of semiconductors and tech products.
Imports declined 1.6% to $632 billion, resulting in a trade surplus of $51.8 billion. Outbound shipments of semiconductors surged 43.9% to $141.9 billion, fueled by strong demand for premium memory chips despite global price declines.
Exports of mobile devices and computers grew 11% and 77%, respectively, while automobiles fell 0.1% due to production disruptions from strikes. The biohealth sector rose 13.1%, and ship exports increased 18%, bolstered by strong demand for large container and LNG carriers.
By destination, exports to China climbed 6.6% to $133 billion, led by chips and mobile devices. Shipments to the U.S. increased 10.5% to $127.8 billion, and exports to Southeast Asia grew 4.5% to $114 billion.
Industry Minister Ahn Duk-geun highlighted the resilience of South Korea’s exporters amid global challenges, including the Russia-Ukraine war and Middle East crises. He emphasized collaboration with the private sector to mitigate uncertainties as the U.S. transitions to a new administration.
https://en.yna.co.kr/view/AEN20250101000452320?section=economy-finance/economy
