This year's cumulative exports surpassed $700 billion, already exceeding last year's full-year record, the largest on record. With semiconductor exports surging and shipments rising broadly across key items and markets, some noted that this year's annual exports could top $1 trillion for the first time ever.
The Korea Customs Service said as of 1 p.m. on the 5th, this year's cumulative exports totaled $709.4 billion. That is $709.3 billion, last year's full-year total, surpassed 117 days earlier, resetting the all-time annual record in 248 days.
Exports this year have continued to grow despite persistent external uncertainties, including rising protectionism, a reconfiguration of global supply chains, and the situation in the Middle East. In particular, in June, monthly exports exceeded $100 billion for the first time ever.
Semiconductors led the export increase. On a cumulative basis from January to August, semiconductor exports were $281.2 billion, up 169.6% from the same period last year. Semiconductors accounted for 40.6% of total exports.
Computer peripheral exports rose 262.2%, while petroleum products (40.7%), wireless communication devices (28.1%), and ships (12.4%) also increased. In contrast, exports of passenger cars (-4.4%) and auto parts (-7.3%) decreased.
Growth also continued in major export markets. On a cumulative basis from January to August, exports to China rose 76.1%, the United States 57.0%, Vietnam 57.7%, and the European Union (EU) 19.0%. Exports to the Middle East fell 9.8%.
The possibility of achieving $1 trillion in annual exports was also raised. Korea Customs Service Commissioner Lee Jong-uk reported to President Lee Jae-myung that "if the current solid export momentum continues, achieving $1 trillion in annual exports is expected in early December."
The president personally posted the Korea Customs Service's report on X (formerly Twitter) in the afternoon. In a post titled "Report from Commissioner Lee Jong-uk of the Korea Customs Service," the president shared that this year's cumulative exports surpassed last year's annual total along with the outlook for $1 trillion in exports.
Currently, the countries that have achieved $1 trillion in annual exports are the United States, China, and Germany. If Korea achieves $1 trillion in exports this year, it would become the fourth country in the world.
