South Korea's 2024 Exports Hit Record $683.8 Billion Led by Chip Surge

Sejong, South Korea - The country's exports hit a record high of $683.8 billion in 2024, surpassing its previous record of $683.6 billion in 2022, the Ministry of Trade, Industry and Energy (MOTIE) reported on Wednesday.

The export growth was primarily driven by the semiconductor sector, which surged 43.9% to $141.9 billion, marking 14 consecutive months of growth since November 2023.

The sector exceeded its previous $129.2 billion set in 2022, despite price declines in general-purpose memory chips during the fourth quarter.

South Korea's trade surplus reached $51.8 billion, the highest since 2018's $69.7 billion, as imports declined 1.6% to $632.0 billion due to reduced energy purchases.

The nation's daily average exports increased 8.2% year over year to $2.53 billion, exceeding the 2022 figure of $2.51 billion. 

According to World Trade Organization data, South Korea's global export ranking improved to sixth place from January to September 2024, up from eighth in 2023.

The automotive sector maintained exports at $70.8 billion, showing a marginal decline of 0.1% due to production disruptions caused by labor strikes. 

Ship exports grew 18% to $25.6 billion, driven by deliveries of high-value vessels, including LNG carriers and large container ships.

Exports to China, South Korea's largest trading partner, rose 6.6 percent to $133.0 billion. U.S.-bound shipments reached a historic high of $127.8 billion, up 10.5 percent. ASEAN-bound exports increased 4.5 percent to $114.0 billion.

Exports in the bio-health sector rose 13.1% to $15.1 billion, while those of cosmetic products grew 20.6% to $10.2 billion. Agriculture, fishery, and livestock product exports increased 7.6% to $11.7 billion.

In December 2024, exports rose 6.6% to $61.4 billion, while imports increased 3.3% to $54.9 billion, resulting in a trade surplus of $6.5 billion.