This year's cumulative exports have topped $700 billion, already surpassing last year's annual export record, the largest ever. With semiconductor exports surging and exports growing broadly across key items and markets, some raised the possibility that annual exports could top $1 trillion for the first time.
The Korea Customs Service said that as of 1 p.m. on the 5th, this year's cumulative exports totaled $709.4 billion. That surpasses last year's annual exports of $709.3 billion 117 days earlier, breaking the all-time annual record in 248 days.
Exports this year have continued to rise despite ongoing external uncertainties, including stronger protectionism, global supply chain restructuring, and the situation in the Middle East. Notably, in June, monthly exports topped $100 billion for the first time.
Semiconductors led the export increase. Cumulative semiconductor exports from January to August 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%, and petroleum products (40.7%), wireless communication devices (28.1%), and ships (12.4%) also increased. By contrast, exports of passenger cars (-4.4%) and auto parts (-7.3%) declined.
Major export markets also saw gains. Cumulatively 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 mentioned. 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. Through a post titled "Report from Commissioner Lee Jong-uk of the Korea Customs Service," the president shared that this year's cumulative exports have 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—three in total. If Korea reaches $1 trillion in exports this year, it would become the fourth country in the world.