Last year, South Korea's export value reached a new all-time high.
According to the "2024 annual and December trade trend" report released by the Ministry of Trade, Industry and Energy on the 1st, last year's export value was $683.8 billion, surpassing the $683.6 billion recorded in 2022.
The average daily export value also surpassed the previous all-time high of $2.51 billion in 2022, reaching $2.53 billion.
Global export ranking rose from 8th place in 2023 to 6th place. The annual trade surplus amounted to $51.8 billion, marking the largest surplus since $69.7 billion in 2018.
Last month's export performance increased by 6.6% compared to December of the previous year, reaching $61.4 billion. Imports increased by 3.3% to $54.9 billion, and the trade balance recorded a surplus of $6.5 billion.
◇ Semiconductor exports increased by 44%... shipbuilding, bio, and cosmetics also performed well
In 2024, South Korea's imports and exports saw improvement across various items, such as IT products like semiconductors, flagship items like ships and automobiles, and consumer goods like biohealth, agro-fisheries, and cosmetics, amid stabilized international oil prices compared to 2022.
In 2022, export performance was strong, but the import value exceeded exports, resulting in a trade deficit of $47.8 billion. An official from the Ministry noted, "The fact that we recorded both the highest export performance and a trade surplus in 2024 shows that it was better in substance compared to 2022."
In 2024, eight out of the 15 major export items saw an increase.
Semiconductors, the largest export item, increased by 43.9% from the previous year, reaching $141.9 billion.
Semiconductor exports have been on an increasing trend for 14 consecutive months since November 2023. Last year's semiconductor export performance exceeded the previous record high of $129.2 billion in 2022 by $12.7 billion.
Despite challenges from declining generic memory prices in the fourth quarter, exports expanded centered around high-value items like DDR5 and HBM, leading to quarterly exports trending upward overall this year.
Exports of all IT items, including semiconductors, wireless communication devices, displays, and computer SSDs, achieved positive growth for the first time in three years since 2021.
Automobile exports remained flat at $70.8 billion compared to the previous year, impacted by production disruptions due to strikes in major finished car and parts industries in the second half.
Ship exports increased by double digits (18%) to $25.6 billion with the full-scale export of high-value vessels such as LNG carriers and large container ships, which were ordered at high prices in 2021.
Petrochemical exports increased by 5% year on year to $48 billion. Despite lower export unit prices due to declining oil prices in the second half, the increase in export volume led to a rise in export performance.
Biohealth exports increased by 13.1% year on year, reaching $15.1 billion, driven by pharmaceuticals centered on biosimilars.
Exports of agro-fisheries increased by 7.6% year on year to $11.7 billion, and cosmetics exports rose by 20.6% to $10.2 billion, both exceeding previous maximum exports.
◇ Exports increased in 7 out of 9 major export markets
Regionally, exports increased in seven out of nine major export markets. Exports to China, the largest export market, increased by 6.6% year on year, reaching $133 billion. The three main export items, semiconductors, petrochemicals, and wireless communication devices, all showed strong performance. This year, exports to China increased in all periods except February and November.
Exports to the United States increased by 10.5% year on year, reaching $127.8 billion. Exports to the U.S. have set a new maximum export record for seven consecutive years. While export of automobiles, the No. 1 item, and general machinery, the No. 2 item, showed strong performance, semiconductor exports, the third-largest item, also increased threefold, linked to big tech corporations' investment expansion in data centers.
Exports to ASEAN increased by 4.5%, reaching $114 billion. Semiconductor, the top item, and petroleum products, the second item, recorded strong performance, while exports of IT items such as computers and wireless communications, excluding displays, increased by double digits.
Exports to Latin America ($29 billion) recorded the highest growth rate of 17.8% among the nine major export markets. Exports to India ($18.7 billion, +4.2%) and the Middle East ($19.7 billion, +4.8%) also showed strong performance in emerging markets.
Minister Ahn Deok-geun stated, "This year, we achieved the highest export record and a trade surplus simultaneously, and did not miss a single moment of export growth and surplus in all 12 months."
Minister Ahn emphasized, "Despite challenging external export conditions such as global high interest rates and inflation, the Russia-Ukraine war, and the Middle East situation, as well as the recent severe domestic political situation, our corporations made their best efforts in the global market without faltering. Achieving the highest export growth rate among the top 10 export countries, while also rising to 6th place from 8th in 2023, is a very encouraging outcome."
Ahn continued, "In 2025, the uncertainty in the external trade and commerce environment is expected to be high. We will mobilize all available resources in a public-private united effort to ensure that exports can continue to lead our economy following last year."