Korea's Exports Continue to Hit Record Highs... Only USD 235 Billion Left to Reach USD 1 Trillion

Cumulative Exports Reach USD 765 Billion as of the 20th
Up 55% from Last Year
Only the US, China, and Germany Are in the 'USD 1 Trillion Export Club'

Driven by the semiconductor boom, South Korea's exports are reaching record highs. As of the 20th of this month, the cumulative export value for this year stands at USD 765 billion, leaving only USD 235 billion to achieve the USD 1 trillion mark. Globally, only three countries—the United States, China, and Germany—have annual exports exceeding USD 1 trillion.

According to the Korea Customs Service on September 26, the cumulative export value from January 1 to September 20 this year reached USD 764.997 billion, a 55.0% increase compared to the same period last year. With exports growing much faster than imports, the trade surplus has also reached USD 225.59 billion.

The Asia Business Daily DB

Exports from the 1st to the 20th of this month totaled USD 71.4 billion, marking a 78.3% year-on-year increase. This is the highest figure ever recorded for the same period. Considering the number of business days was 15.5—one day fewer than the previous year—the average daily export growth rate is even higher at 89.8%.

The robust export growth is being led by semiconductors. From September 1 to 20, semiconductor exports set a new record at USD 34.128 billion, surging 259.4% compared to the same period last year. The share of semiconductors in total exports expanded by 24.1 percentage points to 47.8%. This means that nearly half of South Korea's exports are now accounted for by semiconductors. In addition, exports of petroleum products (47.8%), passenger cars (9.3%), steel products (8.0%), and ships (63.0%) also increased. By country, exports to all ten major destinations rose, including China (113.8%), the U.S. (118.0%), Vietnam (44.8%), Taiwan (128.5%), the European Union (37.0%), and Japan (33.5%).

Semiconductor exports have topped USD 40 billion for three consecutive months. In August alone, exports amounted to USD 46.65 billion. This was driven by continued strong demand for AI infrastructure, owing to increased capital expenditures by hyperscale data center operators such as Google and Amazon.

The strength in semiconductors is fueling overall export growth. South Korea's total exports have recorded positive growth for 15 consecutive months through August of this year. Export values exceeded USD 80 billion in March at USD 87.4 billion, surpassed the USD 100 billion mark in June at USD 102 billion, and totaled USD 99.2 billion in July.

The Asia Business Daily DB

By the 20th, the cumulative export value reached USD 765 billion. This means that if South Korea exports an additional USD 235 billion before year-end, total exports will surpass USD 1 trillion for the year. The finalized cumulative export figure for January to August is USD 693.6 billion, leaving USD 306.4 billion to reach the trillion-dollar milestone. Given that South Korea's monthly exports have exceeded USD 90 billion over the past three months (June to August), achieving an annual export figure of USD 1 trillion is highly likely. If monthly exports from September to December remain at USD 90 billion, that would amount to an additional USD 360 billion, bringing annual exports to over USD 1.05 trillion.

The government also believes that reaching USD 1 trillion in annual exports is within reach this year. A government official stated, "As of 1 a.m. on September 5, cumulative exports reached USD 709.4 billion, surpassing last year's annual export level of USD 709.3 billion and setting a new all-time record," and added, "Looking at annual performance, the likelihood of achieving USD 1 trillion in exports has become extremely high."

This content was produced with the assistance of AI translation services.