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Electronics, telecommunications shipments hit record high in 2024 on AI demand

Published: 17 Dec. 2025, 15:42

Samsung Electronics products at a home appliance store in Seoul on Nov. 30 [YONHAP]

Shipments in Korea's electronics and telecommunications sectors reached a record high in 2024, largely fueled by strong demand in AI, data showed Wednesday.

Combined shipments from manufacturers and mining companies with more than 10 employees reached a tentative total of 2,090.2 trillion won ($1.41 trillion) last year, up 97.7 trillion won, or 4.9 percent, from a year earlier, according to data from the Ministry of Data and Statistics.

Notably, shipments from domestic electronics and telecommunications companies totaled 340.5 trillion won, marking an increase of 71.2 trillion won, or 26.4 percent, from the previous year.

This was the highest shipment figure in this sector since 2008, when statistics began being compiled under the current methodology.

The value added in the electronics and telecommunications sector rose to 169.4 trillion won, up 55.2 trillion won, or 48.4 percent, from 2023, making it the third highest on record, following 2022 and 2021.

The ministry attributed the growth to a surge in AI demand, which drove a sharp increase in memory semiconductor exports.

Shipments in the automobile sector increased by 1.8 percent from the previous year, supported by strong demand for EVs and luxury cars.

The food industry also saw growth, with shipments rising 2.5 percent on-year to 124.5 trillion won, driven by increased demand for convenience foods and exports of K-food products, such as instant noodles.

As of the end of 2024, Korea had 73,890 mining and manufacturing companies, up 0.7 percent from a year earlier.

Employment in these industries totaled 3.04 million, an increase of 62,000 compared with 2023.

Yonhap