
South Korea has posted record-high exports of $683.8 billion in 2024, thanks to robust shipment of chips, the Trade Ministry said Wednesday. The country also achieved a trade surplus of $51.8 billion for the year, marking a turnaround from the deficits of the two previous years.
The export figure slightly missed the yearly target of $700 billion in outbound shipments, but it surpassed the all-time high of $683.6 billion recorded in 2022, the Ministry of Trade, Industry and Energy said.
“This year, Korea achieved record-high exports and a trade surplus, having recorded increases in outbound shipments in all 12 months," Trade Minister Ahn Duk-geun said.
“This is the result of Korean companies making their best efforts in the global market despite the unfavorable trade environment of high interest rates, inflation and risks stemming from the Russia-Ukraine war and the Middle East crisis.”
Korea’s inbound shipments edged down 1.6 percent to $632 billion in 2024, affected by a decline in energy imports.
With the slight decrease in imports and surge in exports, the country returned to the black in 2024, with a trade surplus of $51.8 billion, up $62.1 billion from the previous year. Korea recorded trade deficits of $47.8 billion and $10.3 billion in 2022 and 2023, respectively.
Among the 15 major export items, semiconductors accounted for about 20 percent of total outbound shipments at $141.9 billion, rising by the most of any sector with a jump of 43.9 percent on-year, according to data.
The ministry attributed the robust growth in exports to strong sales of advanced high-value products, such as DDR5 and high bandwidth memory chips, despite the decline in the price of general chips in the fourth quarter of the year.
Exports of IT products also increased in 2024, with mobile devices growing 11 percent and computers 77 percent on-year to post $17.2 billion and $13.2 billion, respectively.
Automotive shipments in 2024 remained at similar level as the year prior, totaling $70.8 billion.
Exports of ships jumped 18 percent to $25.6 billion, thanks to strong demand for high-value liquefied natural gas carriers and large-sized container ships.
By destination, Korea witnessed its outbound shipments increase in seven out of nine export markets in 2024.
Exports to China, the country’s biggest trade partner, increased 6.6 percent to $133 billion. Korea’s exports to the US rose to a new record high for a seventh consecutive year, growing 10.5 percent in 2024 to reach $127.8 billion.
Exports to Southeast Asia grew 4.5 percent to $114 billion, with strong sales of chips and petroleum products.
The country’s 2024 trade volume ranked 6th in the world, climbing two notches in the global ranking and marking the largest increase -- 9.6 percent -- among the top 10 exporting nations, the ministry said.
To support the growth momentum, Ahn vowed to expand financial support measures for exporters in Korea, including increasing the amount of funding for the state's trade insurance program to 250 trillion won, with about 100 trillion won focused on supporting small and mid-sized enterprises.
“Amid growing uncertainties with a new administration taking office in the US in about a month, the government will minimize the negative impacts of external changes and maximize benefits, seizing new opportunities to support Korea’s economy and companies,” Ahn said.