South Korea’s export totals reached a new all-time high of $683.8 billion in 2024, exceeding the previous high of $683.6 billion achieved in 2022, as reported by South Korea’s Ministry of Trade, Industry and Energy on January 1.
New records were established for daily exports, totalling a remarkable $2.53 billion. This represents an impressive 8.2% rise compared to the previous record of $2.51 billion achieved in 2022.
Due to this development, South Korea jumped to 6th position in the global export rankings for January to September 2024, as reported by the World Trade Organization (WTO). Furthermore, it experienced the highest export growth rate among the top 10 trading countries, with a remarkable 9.6% increase.
Imports in 2024 reached $632 billion, showing a reduction of 1.6% compared to the previous year, with a significant decrease in the importation of energy resources. The trade advantage, however, expanded to $51.8 billion, representing the greatest surplus in six years, surpassing the previous peak of $69.7 billion in 2018.
Sales of critical industries, such as semiconductors, vehicles, and consumer products like health-related and agricultural items, cosmetic goods, and other notable items, experienced significant growth, which contributed to a notable increase in exports and a trade surplus.
Export of top-selling semiconductors rose 43.9% to $141.9 billion, exceeding 2022’s previous record of $129.2 billion. Notably, sales of high-end chips, such as DDR5 and HBM chips, remained strong, driven by consumer demand despite decreased memory chip prices in the final quarter.
Automobile exports held steady at $70.8 billion in the past year, reading the same as 2023, despite strikes occurring in the second half that affected production. This represents the second consecutive year of exports surpassing the $70 billion benchmark.
Ship exports saw an 18% hike, totaling $25.6 billion, thanks to the delivery of high-value vessels such as LNG carriers and large container ships initially ordered in 2021.
Total exports of petrochemicals increased by 5% to $48 billion, with rising shipment volumes making up for decreased revenues stemming from lower oil prices in the latter half of the year.
Goods exports from the biohealth sector, primarily pharmaceuticals and biosimilars, recorded a 13.1% surge, reaching $15.1 billion. The value of exported agricultural and seafood products increased by 7.6% to $11.7 billion. Meanwhile, cosmetics exports reached a new high of $10.2 billion, representing a significant 20.6% rise, a milestone as this is the first time cosmetic exports exceeded $10 billion.
