From January to April this year, South Korea’s exports demonstrated a robust performance, with significant growth in six out of nine major regions. The United States emerged as the country’s top export destination, with exports totaling $42.4 billion, surpassing China’s $41.3 billion. This shift marks the first time in over two decades that the US has overtaken China as South Korea’s largest export market.
The Ministry of Trade, Industry, and Energy revealed these figures during a meeting of regional export officials at the Government Complex Sejong on May 27. Key export destinations such as the United States, China, and the ASEAN region contributed to the overall positive trend in South Korean exports.
Notably, exports to the United States saw a significant rise, driven by a 212.5% increase in semiconductor exports, a 46.6% increase in general machinery, and a 28.2% increase in automobiles. This led to an overall 17.7% increase in exports to the US compared to the previous year.
China, traditionally South Korea’s largest export market, saw a 5.7% increase in exports, largely due to the recovery in the global information technology sector. Semiconductor exports to China grew by 34.4%, while display exports rose by 26.7%.
The ASEAN region also recorded a 3.8% increase in exports, propelled by a 20.1% increase in petrochemicals, a 19.0% increase in semiconductors, and an 8.6% increase in petroleum products. Meanwhile, exports to Central and South America experienced the highest growth rate at 25.4%, bolstered by a 22.2% increase in general machinery, a 4.6% increase in automotive parts, and a 2.5% increase in steel.
Conversely, exports to the European Union, the Middle East, and the Commonwealth of Independent States (CIS) declined, reflecting regional economic challenges.
The overall strength in South Korean exports, particularly to the United States, underscores a dynamic shift in trade patterns and highlights the growing importance of diversifying export markets amidst global economic changes.
