South Korea’s exports hit a record $683.8 billion in 2024, surpassing the previous high of $683.6 billion set in 2022, the Ministry of Trade, Industry and Energy announced on Jan. 1.
Daily exports also set a new benchmark, reaching $2.53 billion, an 8.2% increase from the previous record of $2.51 billion in 2022.
As a result, South Korea moved up two spots in the global export rankings for January-September 2024, reaching 6th place, according to the World Trade Organization (WTO). It also recorded the highest export growth rate (+9.6%) among the top 10 exporting nations.
Imports in 2024 totaled $632 billion, a 1.6% decline from the previous year, largely due to reduced energy imports. The trade surplus grew by $62.1 billion to $51.8 billion, marking the largest surplus since 2018, when it reached $69.7 billion.
Exports in key sectors, including semiconductors, ships, automobiles, and consumer goods like biohealth, agricultural products, and cosmetics, saw strong growth, contributing to both record exports and a trade surplus.
Semiconductors, the top export item, surged by 43.9% to $141.9 billion, surpassing the previous record of $129.2 billion set in 2022. Notably, exports of high-value items such as DDR5 and HBM chips helped sustain growth, even amid declining memory chip prices in the fourth quarter.
Automobile exports remained steady at $70.8 billion, unchanged from 2023, despite production disruptions caused by strikes in the second half of the year. This marks the second consecutive year of over $70 billion in exports.
Ship exports increased 18%, reaching $25.6 billion, as high-value ships, including LNG carriers and large container vessels ordered in 2021, began to be delivered.
Petrochemical exports rose by 5% to $48 billion, as higher export volumes offset price declines resulting from lower oil prices in the second half of the year.
Biohealth exports, led by biosimilars and other pharmaceuticals, grew 13.1% to $15.1 billion. Exports of agricultural and seafood products rose 7.6% to $11.7 billion, while cosmetics exports hit a record $10.2 billion, a 20.6% increase, marking the first time cosmetics exports surpassed $10 billion.
