▲ Containers fill the Busan Port.
South Korea's exports have broken last year's annual record early on as of early September, rewriting historical highs.
The Ministry of Trade, Industry and Energy and the Korea Customs Service announced today (September 5) that cumulative exports for this year reached $709.4 billion as of 1:00 p.m.
This milestone was achieved 117 days earlier than last year's total annual exports ($709.3 billion), which was the previous all-time high.
If this strong export momentum continues, achieving an annual export volume of $1 trillion for the first time in history is projected to come within sight.
Despite difficult external conditions such as the situation in the Middle East, South Korea's exports have broken all-time records for three consecutive years, driven by steady growth in major export items centered around semiconductors.
After reaching $683.6 billion in 2022, South Korea's exports dipped to $632.2 billion in 2023, rebounded to $683.6 billion in 2024, and then surpassed $700 billion for the first time ever by recording $709.3 billion last year.
This year, record-high export performances for corresponding months were achieved every month starting from January, and notably in June, monthly exports exceeded $100 billion for the first time in history.
Based on cumulative data from January to August by item, semiconductor exports surged 169.6% compared to the same period last year to reach $281.2 billion, driving the overall growth trend.
Semiconductors accounted for 40.6% of total exports.
Exports of computer peripherals (262.2%), petroleum products (40.7%), wireless communication devices (28.1%), and ships (12.4%) also increased.
On the other hand, passenger cars (-4.4%) and auto parts (-7.3%) decreased.
By country, excluding the Middle East (-9.8%), major markets showed steady growth, including China (76.1%), the United States (57.0%), Vietnam (57.7%), and the European Union (19.0%).
Korea Customs Service Commissioner Lee Jong-wook reported to President Lee Jae-myung that "if the current robust export trend continues, achieving $1 trillion in annual exports is projected around early December," President Lee shared via X (formerly Twitter).
According to the Korea Customs Service, the countries that have achieved $1 trillion in annual exports are currently only the United States, China, and Germany.
An official from the Ministry of Trade, Industry and Energy stated, "Amid uncertain trade environments such as strengthening protectionism by major economies and the restructuring of global supply chains, if the current solid export growth continues, we expect to achieve the visible milestone of $1 trillion in annual exports within the year for the first time in history."
(Photo: Yonhap News)
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