Seoul: South Korea's exports have hit an all-time high in the January-November period, the industry ministry said Tuesday, vowing efforts to maintain the upward momentum throughout next year. The combined exports for the first 11 months of this year reached US$640.1 billion, up 2.9 percent from the previous record high posted in the same period last year, according to the Ministry of Trade, Industry and Resources.

According to Yonhap News Agency, Korea's yearly exports are expected to surpass $700 billion for the first time this year on the back of strong demand for semiconductors, automobiles, ships, biohealth products, and computers. The ministry said semiconductor exports set a new monthly high four times this year, driven by robust demand stemming from artificial intelligence (AI) chips and data centers, while car exports set a record high for the January-November period despite U.S. tariffs, thanks to strong demand from Europe, Russia, and other regions.

"Korea's exports have recorded growth for six consecutive months since June, and cumulative exports as of Dec. 22 have already surpassed the yearly high of $683.6 billion recorded in 2024," said Kang Gam-chan, deputy minister for trade and investment at the ministry. "This performance reflects the continued efforts of Korean companies to enhance their competitiveness and diversify markets, even amid challenging export conditions, including U.S. tariff measures," he added.

Kang said the government will provide all-out support to maintain the export momentum next year by closely communicating with the private sector and strengthening export support measures.