South Korea's exports have hit $709.4 billion so far this year, already topping last year's full-year record. The customs office says the country is on pace to cross $1 trillion in annual exports by early December, driven largely by surging semiconductor sales tied to global AI demand.
South Korea's exports reached $709.4 billion so far this year, the Korea Customs Service said on Saturday. That surpasses the $709.3 billion recorded for all of last year, which was itself a second consecutive annual record.
Exports track toward $1 trillion
Asia's fourth-largest economy is on track to reach $1 trillion in annual exports by early December, which would make it the fourth country to hit that milestone after the United States, China and Germany. According to Reuters: "Our exports continue to show remarkable growth momentum", the customs office said, pointing to strengthened protectionism, global supply-chain restructuring and the Middle East situation as sources of uncertainty.
Chips drive the surge
From January to August, semiconductor exports increased 169.6% to $281 billion compared with the same period last year, representing 41% of total exports. Samsung Electronics and SK Hynix, the country's leading memory chipmakers, are benefiting from surging prices as the AI investment boom deepens a chip shortage.
Passenger cars, the country's No. 2 export item, moved the other way: overseas shipments fell 4% from January to August from a year earlier.
China and the US both buy more
Destination data shows the shift in demand. Exports to China, South Korea's top export destination, jumped 76% during the period. Shipments to the United States increased 57% over the same period.
Source: Investing.com
Trading involves risk.
Risk Disclaimer
