Seoul: South Korea's yearly exports are expected to hit a record high in 2025, driven by strong performance in key sectors such as semiconductors, automobiles, and ships, the industry ministry announced on Thursday.
According to Yonhap News Agency, from January to November this year, outbound shipments reached an unprecedented US$640.2 billion, surpassing the previous record of $628.7 billion set in 2022. The Ministry of Trade, Industry and Resources anticipates that annual exports for 2025 will exceed the $700 billion mark for the first time, as reported during the country's 62nd Trade Day celebration.
The ministry highlighted that major export items like semiconductors, automobiles, ships, and bio-health products significantly contributed to the country's export growth. Additionally, food and beauty products saw robust performance due to the increasing global popularity of Korean culture.
This year, South Korea diversified its export markets, expanding shipments to the Association of Southeast Asian Nations (ASEAN), the European Union, and other regions, moving beyond its traditional focus on the United States and China. Exports by small and medium-sized enterprises (SMEs) also reached a record $87.1 billion during the first 11 months of 2023.
Industry Minister Kim Jung-kwan remarked, "This year's achievements are the result of our industrial competitiveness combined with our strong will to export, and they embody the resilience and strength of our economy." He emphasized the government's commitment to leveraging this record-breaking performance to foster industrial innovation and promote K-culture, aiming to extend the positive momentum to SMEs and local communities.
During the 62nd Trade Day ceremony, major chipmaker SK hynix Inc. was honored with the highest award for companies exporting more than $35 billion. Logistics firm Hyundai Glovis Co. received recognition for achieving $6 billion in accumulated exports, while shipbuilder HD Hyundai Co. was awarded for reaching $4 billion in accumulated exports, as stated by the ministry.