South Korea's Exports Surge to Record $683.8 Billion in 2024 with 8.2% Increase, Boosted by Semiconductors

Jan 1, 2025, 01:37 AM

South Korea's exports reached a record high of $683.8 billion in 2024, marking an 8.2% increase from the previous year, despite prolonged economic downturn and political uncertainties such as martial law and impeachments. The surge was primarily driven by a 44% increase in semiconductor exports, which alone accounted for about 20% of the total export value. In December, exports grew by 6.6% year-on-year, surpassing market expectations and marking the 15th consecutive month of annual growth. The trade surplus for December reached $6.5 billion, exceeding forecasts of $4.3 billion. Imports for the year decreased by 1.6% to $632 billion, resulting in a trade surplus of $518 billion for 2024, the highest since 2018. The growth in exports was supported by increased demand from China and resilient semiconductor sales, with exports to the U.S. also rising significantly.