SEOUL: South Korea's exports climbed 8.2 percent in 2024, reaching an unprecedented annual record due to strong semiconductor shipments, according to data released on Wednesday. The nation's outbound shipments totaled $683.8 billion last year, surpassing the previous high of $683.6 billion set in 2022, as compiled by the Ministry of Trade, Industry and Energy.
According to Yonhap News Agency, imports decreased by 1.6 percent year-on-year to $632 billion, resulting in a trade surplus of $51.8 billion. The semiconductor sector experienced a robust growth of 43.9 percent, with exports reaching $141.9 billion. This growth was fueled by strong demand for premium products, such as high-bandwidth memory chips, despite a general decline in global semiconductor prices.
Automobile exports saw a slight decline of 0.1 percent to $70.8 billion, attributed to production disruptions caused by strikes by auto parts makers in the latter half of the year, the ministry reported. The biohealth industry, however, witnessed a 13.1 percent increase in exports, totaling $15.1 billion, driven by the performance of biosimilar products.
In terms of export destinations, shipments to China, South Korea's largest trading partner, rose by 6.6 percent to $133 billion, led by exports of chips, petrochemical products, and mobile devices. Exports to the United States increased by 10.5 percent to $127.8 billion, marking a new annual high for the seventh consecutive year. Exports to Southeast Asia grew by 4.5 percent to $114 billion, supported by demand for chips and petroleum products.
In December alone, exports increased by 6.6 percent year-on-year to $61.38 billion, marking the 15th consecutive month of growth. Imports for the month rose by 3.3 percent to $54.8 billion, resulting in a trade surplus of $6.49 billion. Notably, South Korea has maintained a trade surplus for 19 consecutive months.
December also saw a significant rise in semiconductor exports, which jumped 41.5 percent to $14.5 billion, setting a new monthly record. However, automobile exports fell by 5.3 percent to $6 billion, while petrochemical goods exports increased by 1.8 percent to $3.9 billion. Exports to China grew by 8.6 percent year-on-year to $11.8 billion in December, and shipments to the U.S. increased by 5.5 percent to $11.9 billion.
Industry Minister Ahn Duk-geun commented on the achievement, stating, "Despite high global interest rates and inflation, along with the Russia-Ukraine war and the Middle East crisis, South Korea achieved record exports and a trade surplus thanks to the unwavering efforts of exporters." He added that with the upcoming launch of a new U.S. administration, the government will collaborate closely with the private sector to mitigate the adverse effects of international uncertainties.