(MENAFN- The Peninsula)
The Korea Herald
Seoul: South Korea's exports advanced 8.2 percent on-year in 2024 to set a new annual record on robust shipments of semiconductors, data showed.
Outbound shipments came to $683.8bn last year, compared with the previous record of $683.6bn set in 2022, according to the data compiled by the Ministry of Trade, industry and Energy. Imports fell 1.6 on-year to $632bn, resulting in a trade surplus of $51.8bn.
The ministry said outbound shipments of eight out of 15 major export items gained ground in 2024.
By sector, exports of semiconductors rose 43.9 percent on-year to $141.9bn, surpassing the previous record of $129.2bn set in 2022.
The strong performance of chips was driven by robust demand for premium products, including high-bandwidth memory chips, despite the overall decline in global semiconductor prices.
Exports of other tech products also increased throughout 2024, with those of mobile devices and computers surging 11 percent and 77 percent on-year, respectively.
Outbound shipments of automobiles edged down 0.1 percent to $70.8bn due to production disruptions caused by strikes by auto parts makers in the second half, the ministry said.
Other major winners included the biohealth industry, whose exports climbed 13.1 percent on-year to $15.1bn on the strong performance of biosimilar products.
Exports of ships jumped 18 percent to $25.6bn on the back of strong demand for large sized container and liquefied natural gas carriers.
By destination, exports to China, the top trading partner, increased 6.6 percent to $133bn, led by chips, petrochemical products and mobile devices.
Shipments to the United States grew 10.5 percent to $127.8bn, reaching a new annual high for the seventh consecutive year.
Exports to Southeast Asia rose 4.5 percent to $114bn on the back of chips and petroleum products, the data showed.
For December, exports added 6.6 percent from a year earlier to $61.38bn, marking the 15th consecutive month of on-year increase.
Imports rose 3.3 percent to $54.8bn in the month, resulting in a trade surplus of $6.49bn. South Korea has been maintaining a trade surplus for 19 consecutive months.
In December, exports of chips jumped 31.5 percent to $14.5bn, setting a new monthly high on strong shipments of high-bandwidth memory chips and DDR5 products.
Exports of automobiles shed 5.3 percent to $6bn due to supply disruptions in auto parts caused by heavy snow, the data showed.
Outbound shipments of petroleum products fell 12.2 percent to $3.93bn due to the falling global crude prices, which led to reduced production by local refiners.
Exports of petrochemical products, on the other hand, added 1.8 percent to $3.86bn on the expansion of local production facilities.
By region, exports to China added 8.6 percent on-year to $11.8bn in December on strong demand for chips amid the boom in the artificial intelligence industry.
Shipments to the United States added 5.5 percent to $11.9bn, as strong demand for chips and ships offset weaker exports of automobiles and machinery products.
“Despite high global interest rates and inflation, along with the Russia-Ukraine war and the Middle East crisis, South Korea achieved record exports and a trade surplus thanks to the unwavering efforts of exporters,” Industry Minister Ahn Duk-geun said.
“With the launch of a new US administration just a month away, the government will work closely with the private sector to minimize the negative impact of overseas uncertainties,”
Ahn added.
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