South Korea cemented its position as a global trade powerhouse, with exports climbing to a record 683.8 billion in 2024, narrowly surpassing the previous high set in 2022.
The milestone reflects a remarkable recovery in the semiconductor industry, which jumped 43.9% to $141.9 billion, marking 14 straight months of growth. The sector benefited from strong demand for advanced products like DDR5 and high-bandwidth memory, despite softer prices for standard memory chips.
The nation’s shipyards contributed to the expansion, with vessel exports rising 18% to $25.6 billion, boosted by deliveries of premium LNG carriers and container ships ordered during the 2021 boom.
While tech exports flourished, the automotive sector stalled at $70.8 billion as labor strikes disrupted production in the latter half of 2024.
By market, shipments to China grew 6.6% to $133 billion, while U.S.-bound exports rose 10.5% to $127.8 billion – a seventh consecutive annual record. ASEAN markets absorbed $114.1 billion in Korean goods, up 4.5%.
The performance helped South Korea jump two spots to sixth place in global export rankings, according to WTO data, with the country posting the fastest growth rate among the top 10 exporters at 9.6%.
