▲ Sinseondae Container Terminal at Busan Port
South Korea’s exports reached $100 billion in a single month for the first time last month, bringing the country significantly closer to the "dream goal" of $1 trillion in annual exports.
A total of $1 trillion would surpass the export volume of the Netherlands, which ranked fourth in the world last year with $989.2 billion.
According to the June export and import trends released by the Ministry of Trade, Industry and Energy on July 1, South Korea’s exports last month totaled $102.25 billion, a 70.9% increase compared to the same month last year.
This marks the first time South Korea has exceeded $100 billion in monthly exports, making it the fourth country in the world to achieve this milestone, following Germany, China, and the United States.
Since surpassing $80 billion in monthly exports for the first time in March, South Korea has maintained a streak of over $80 billion for three consecutive months, continuing an unstoppable momentum.
Despite rising external uncertainties due to conflicts in the Middle East and the expansion of protectionist trade policies, exports in the first half of the year reached $496.7 billion, a 48.4% increase, marking the highest performance for that period on record.
South Korea’s annual export volume reached $709.3 billion last year, joining the ranks of countries with $700 billion in exports for the sixth time globally.
Expectations are growing that if the current trend continues through the second half of the year, achieving $1 trillion in annual exports will be well within reach.
In this scenario, South Korea could surpass Japan, which ranked sixth in the World Trade Organization (WTO) merchandise trade statistics last year with $738.3 billion, and potentially challenge the fourth-place position held by the Netherlands.
The Korea Institute for Industrial Economics & Trade (KIET) projected in its second-half economic and industrial outlook released in May that annual exports would reach $924.4 billion this year.
Regarding this, Kang Gam-chan, Director General for Trade and Investment at the Ministry of Trade, Industry and Energy, stated, "If we take an optimistic view, reaching $1 trillion in annual exports is not an impossible figure."
At the heart of this unprecedented export boom is, undoubtedly, the semiconductor industry.
Semiconductor exports recorded $44.82 billion, a 199.5% increase compared to the same period last year, driven by rising fixed prices for memory chips due to explosive demand.
This is also the first time monthly semiconductor exports have exceeded $40 billion.
The cumulative semiconductor export value from January to June reached $192.4 billion, a 162.6% increase, already surpassing last year’s annual total of $173.4 billion in just six months.
While concerns persist regarding South Korea’s high reliance on semiconductors, exports of other items are also showing a general upward trend.
In the first half of the year, 14 out of the 20 major export items saw growth.
Computers saw a 262% surge to $21.2 billion, while petroleum products ($30.1 billion, up 40%) and ships ($16.6 billion, up 18%) also contributed to the growth.
Driven by the growing preference for K-beauty and K-food, cosmetics exports rose 27.2% to $7 billion, and agricultural and fishery food exports increased 8.7% to $6.6 billion, with consumer goods also achieving their highest performance in the first half of the year.
Looking at last month alone, 18 out of the 20 major export items showed an increase.
(Photo: Yonhap News)
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