South Korea’s exports advanced 8.2 per cent on-year in 2024 to set a new annual record on robust shipments of semiconductors, data showed on Wednesday.
Outbound shipments came to USD 683.8 billion last year, compared with the previous record of USD 683.6 billion set in 2022, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports fell 1.6 on-year to USD 632 billion, resulting in a trade surplus of USD 51.8 billion, reports Yonhap news agency.
Export of semi-coductors rose 43 per cent
By sector, exports of semiconductors rose 43.9 per cent on-year to USD 141.9 billion, surpassing the previous record of USD 129.2 billion set in 2022. The strong performance of chips was driven by robust demand for premium products, including high-bandwidth memory chips, despite the overall decline in global semiconductor prices.
Outbound shipments of automobiles edged down 0.1 per cent to USD 70.8 billion due to production disruptions caused by strikes by auto parts makers in the second half, the ministry said.
Biohealth industry climbed 13.1 per cent
Other major winners included the biohealth industry, whose exports climbed 13.1 per cent on-year to USD 15.1 billion on the strong performance of biosimilar products. By destination, exports to China, the top trading partner, increased 6.6 per cent to USD 133 billion, led by chips, petrochemical products and mobile devices. Shipments to the United States grew 10.5 per cent to USD 127.8 billion, reaching a new annual high for the seventh consecutive year.
Exports to Southeast Asia rose 4.5 per cent to USD 114 billion on the back of chips and petroleum products, the data showed. For December, exports added 6.6 percent from a year earlier to USD 61.38 billion, marking the 15th consecutive month of on-year increase.
Imports rose to 54.8 billion in month
Imports rose 3.3 per cent to USD 54.8 billion in the month, resulting in a trade surplus of USD 6.49 billion. South Korea has been maintaining a trade surplus for 19 consecutive months. In December, exports of chips jumped 41.5 per cent to USD 14.5 billion, setting a new monthly high.
Exports of automobiles shed 5.3 per cent to USD 6 billion, while those of petrochemical goods gained 1.8 per cent to USD 3.9 billion. By region, exports to China added 8.6 per cent on-year to USD 11.8 billion in December, with those to the U.S. rising 5.5 per cent to USD 11.9 billion.
‘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,’ Industry Minister Ahn Duk-geun said. ‘With the launch of a new US administration just a month away, the government will work closely with the private sector to minimise the negative impact of overseas uncertainties,’ Ahn added.
