The Ministry of Trade, Industry and Energy of South Korea announced that exports continued to grow in December last year, with semiconductor sales remaining resilient.
In December last year, the export value, adjusted for working day differences, increased by 4.3% compared to the same period last year, a higher growth rate than the 3.7% increase in November.
Unadjusted exports grew by 6.6%, imports rose by 3.3%, and the trade surplus was $6.5 billion, maintaining a surplus for 19 consecutive months.
Looking at the full year, South Korea’s exports in 2024 grew by 8.2%, reaching $683.8 billion, setting a new record, surpassing the $683.6 billion in 2022.
Imports for the year decreased by 1.6%, to $632 billion, with a trade surplus of $51.8 billion.
This was primarily due to the strong growth in semiconductor exports.
In 2024, chip exports surged by 43.9%, reaching $141.9 billion, also setting a new record and breaking the 2022 record of $129.2 billion.
Despite the overall global decline in semiconductor prices, strong demand for high-value products such as HBM drove the overall export growth.
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