Last year’s Korean exports broke an all-time record. Semiconductor exports recorded the highest ever, leading overall exports. Last December’s exports also increased by 6.6%, continuing the 15th consecutive month of positive growth.
The Ministry of Trade, Industry and Energy (MOTIE) recently released that the nation’s exports in 2024 were tallied at $683.8 billion, up 8.2% from the previous year.
Imports decreased by 1.6% from the previous year to $642.67 billion. The trade balance thus recorded a surplus of $51.8 billion.
Annual exports surpassed the previous record of $683.6 billion achieved in 2022. Daily average exports ($2.53 billion) also surpassed the previous record of $2.51 billion.
MOTIE analyzed that the improved export performance is attributable to the fact that IT items such as semiconductors and consumer goods showed favorable trends evenly in a situation where international oil prices stabilized downward.
Exports of a total of eight out of the 15 major export items increased. Semiconductor exports increased 43.9% year-on-year to $141.9 billion, breaking the previous record of $129.2 billion in 2022.
It is evaluated that the semiconductor exports expanded centered on high value-added items such as DDR5 and high-bandwidth memory (HBM), despite the decline in general memory prices in the fourth quarter of last year, and showed an upward trend toward the end of the year.
Shipbuilding showed an increase of 17.6%, petrochemicals 5.0%, and biohealth 13.1%.
Automobiles recorded $70.8 billion in export sales, a 0.1% decrease year-on-year due to some production disruptions caused by strikes in major automakers and parts companies in the second half of the year, but exceeded $70 billion for the second consecutive year.
Among the nine major export markets, exports to seven regions, including the USA, China, and ASEAN, increased. Exports to the USA increased by 10.5% to $127.8 billion, while exports to China increased by 6.6% to $133 billion. In particular, exports to the USA broke the record for the seventh consecutive year.
December’s exports increased by 6.6% year-on-year to $61.38 billion, while imports during the same period increased by 3.3% to $54.89 billion.
As exports continued to increase for 15 consecutive months, the trade balance recorded a surplus of $6.49 billion, continuing a surplus trend for 19 consecutive months.

 
 
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The nation’s September exports increased by 7.5% from the same month last year, continuing the 12-month positive export trend. According to data recently released by the Ministry of Trade, Industry and Energy (MOTIE), exports recorded the highest performance ever for September and the highest performance this year at US$58.77 bil. The average daily exports in September were recorded at $2.94 bil., increasing by 12.9%.
Among the 15 major export items, the largest increases were in semiconductors, wireless communication devices, computers, automobiles, ships, and bio-health items.
Semiconductor exports, the largest export item, increased by 37.1% to $13.6 billion. These broke the record for the first time in three months since June and continued the 11-month consecutive increase. Computer exports increased by 132% to $1.5 billion, growing for nine consecutive months; and exports of wireless communication devices increased by 19% to $1.9 billion, rising for seven consecutive months.
decrease in the number of operating days (-1.0 days). They turned positive for the first time in four months, achieving the highest performance as of September.
Ship exports increased by 76.2% to $2.4 billion, and the growth rate exceeded 50% for the second consecutive month. Bio-health exports also grew by 9.9% to $1.2 billion, increasing for the third consecutive month.
Exports to China increased by 6.3% to $11.7 billion, the highest performance this year, due to an increase in Korea’s exports of semiconductors and wireless communication devices. The trade balance with China also turned to a surplus ($500 million) for the first time in seven months, thanks to the favorable export trend.
Exports to the United States increased by 3.4% to $10.4 billion, the highest ever in September, and renewing its monthly record for 14 consecutive months.
Exports to the EU increased by 5.1% to $6 billion, with a significant increase in exports of IT items such as wireless communications and computers. It has recorded its highest monthly export record for two consecutive months.

 
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Recording 11th consecutive month of positive growth
Last month’s exports by Korea reached US$57.9 billion, continuing an 11-month upward trend. In particular, semiconductor exports achieved the highest performance ever in August, adding to the momentum. Cumulative exports to China surpassed those to the United States for the first time this year, becoming the largest export destination again.
Recently, the Ministry of Trade, Industry and Energy (MOTIE) announced that exports last month increased 11.4% year-on-year to $57.9 billion, while imports increased 6% to $54.07 billion. The positive trade balance thus reached $3.83 billion, continuing to show a surplus for 15 consecutive months.
By sector, semiconductor exports increased 38.8% year-on-year to $11.9 billion, showing a positive trend for the 4th consecutive month of over $11 billion. Computer exports increased 183% to $1.5 billion, a triple-digit increase. Wireless communication device exports also increased by 54% to $1.8 billion.

Automobile exports decreased by 4.3% to $5.1 billion, however, due to the modernization of some companies’ production lines and the decrease in operating rates due to wage and group negotiations ― but ship exports increased by 80% to $2.8 billion, turning positive for the first time in three months.
By region, eight out of nine major markets showed favorable trends. The region with the largest exports by Korea was China, which recorded $11.4 billion ― up 7.9% due to the improved business conditions in the information and communication technology (IT) industry.
Exports to China reached $86.2 billion from January to August this year, surpassing exports to the United States during the same period, emerging as the largest export country.
Exports to the USA increased by 15.5% to $84.7 billion due to favorable market trends in IT items such as semiconductors and computers.

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The nation’s exports in April recorded a double-digit increase. It has been ‘export-plus’ for seven months. This is thanks to the increase in exports of key items such as semiconductors, automobiles, etc.
In particular, semiconductor exports surged 56% compared to the same month last year. By country, exports to the United States reached an all-time high. The trade balance has also been in surplus for 11 consecutive months since June of last year.
The Ministry of Trade, Industry and Energy (MOTIE) recently announced that exports in April amounted to US$56.26 billion (about KRW 78 trillion), a 13.8% increase compared to the same month last year. Imports increased 5.4% over the same period to $54.73 billion. The trade balance, which subtracts imports from exports, was $1.53 billion.
In April, exports of 13 of the 15 major export items increased. This is the largest number of item exports this year.
Information and communication-related items such as semiconductors, displays, computers, and wireless communication devices recorded positive scores for all items for two consecutive months. Combined exports also achieved the highest growth rate of 46.6% this year and continued to increase for six consecutive months.
Semiconductor exports, the largest export item, recorded $9.96 billion, the second highest ever in April. It increased by 56.1% compared to the same month last year, recording positive exports for six consecutive months.

Display exports increased by 16.3% compared to the same month last year, to $1.43 billion, recording the highest performance of the year and increasing for nine consecutive months. Exports of computer SSDs (76.2%) and wireless communication devices (11.4%) also recorded the highest growth rates this year, increasing for four and two consecutive months, respectively.
Automobile exports increased by 10.3% compared to the same month last year, breaking a record-high export amount. It recorded $6.79 billion in exports, surpassing the previous biggest record of exports in November last year ($6.53 billion).
Exports of general machinery turned positive in just one month, reaching an all-time high of $4.68 billion (1.5%) as of April. Ship exports also increased by 5.6%, showing positive growth for nine consecutive months.
Biohealth exports recorded a double-digit growth rate (21.3%) for the first time this year. Exports are positive for six consecutive months. Petroleum products (19.0%) increased for two consecutive months.
Exports increased in seven of the nine major export regions. In particular, exports to the United States recorded $11.4 billion, showing a 24.3% increase compared to the same month last year, the highest export amount ever, breaking the record in December last year ($11.3 billion) in four months.
Exports to China recorded $10.5 billion, a 9.9% increase compared to the same month last year. Exports to the nation increased for two consecutive months, exceeding $10 billion, following $10.5 billion last March.
Exports to Central and South America (38.2%) showed the highest growth rate among the nine major regions, recording a positive figure for four consecutive months. Exports to ASEAN (10.5%), Japan (18.4%), India (18.0%), and the Middle East (1.0%) also increased compared to the same month last year.
Imports in April amounted to $54.73 billion, up 5.4% from the same month last year, as both energy and non-energy imports increased. It has increased for the first time in 14 months since February 2023.
Imports of energy amounted to $12.5 billion, showing a total increase of 14.6% due to increased imports of crude oil (17.8%) and gas (21.9%). Import volume increased by 12% for crude oil and 37% for gas due to the increase in refinery operation rates and increased demand for gas for power-generation and industrial purposes. Imports of non-energy recorded $42.23 billion, up 2.9%.

  
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