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Korea's exports hit record high in 2024, climbing 8.2% on semiconductor boom

Published: 01 Jan. 2025, 10:19 Updated: 01 Jan. 2025, 13:56

SARAH CHEA
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Containers for exports are stacked at a container yard at a port in Pyeongtaek, Gyeonggi, on May 9. [NEWS1]

Korea's exports advanced 8.2 percent on year in 2024 to set a new annual record on robust shipments of semiconductors, data showed Wednesday.

Outbound shipments came to $683.8 billion last year, compared to the previous record of $683.6 billion set in 2022, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports fell 1.6 on year to $632 billion, resulting in a trade surplus of $51.8 billion.

By sector, exports of semiconductors rose 43.9 percent on year to $141.9 billion, surpassing the previous record of $129.2 billion set in 2022.

The strong performance of chips was driven by robust demand for premium products, including high bandwidth memory chips, despite the overall decline in global semiconductor prices.

Outbound shipments of automobiles edged down 0.1 percent to $70.8 billion due to production disruptions caused by strikes by auto parts makers in the second half, the ministry said.

Other major winners included the biohealth industry, whose exports climbed 13.1 percent on year to $15.1 billion on the strong performance of biosimilar products.

By destination, exports to China, the top trading partner, increased 6.6 percent to $133 billion, led by chips, petrochemical products and mobile devices.

Shipments to the United States grew 10.5 percent to $127.8 billion, reaching a new annual high for the seventh consecutive year.

Exports to Southeast Asia rose 4.5 percent to $114 billion on the back of chips and petroleum products, the data showed.

For December, exports added 6.6 percent from a year earlier to $61.38 billion, marking the 15th consecutive month of on-year increase.

Imports rose 3.3 percent to $54.8 billion in the month, resulting in a trade surplus of $6.49 billion. Korea has been maintaining a trade surplus for 19 consecutive months.

In December, exports of chips jumped 41.5 percent to $14.5 billion, setting a new monthly high.

Exports of automobiles shed 5.3 percent to $6 billion, while those of petrochemical goods gained 1.8 percent to $3.9 billion.

By region, exports to China added 8.6 percent on year to $11.8 billion in December, with those to the United States rising 5.5 percent to $11.9 billion.

"Despite high global interest rates and inflation, along with the Russia-Ukraine war and the Middle East crisis, Korea achieved record exports and a trade surplus thanks to the unwavering efforts of exporters," Industry Minister Ahn Duk-geun said.

"With the launch of a new U.S. administration just a month away, the government will work closely with the private sector to minimize the negative impact of overseas uncertainties," Ahn added.

Yonhap

Yonhap