Korea's exports top $700 billion on chips, beating last year's record

Korea’s exports have topped $700 billion as of Sunday, mainly driven by chip exports, surpassing last year’s record full-year total. 

The Korea Customs Service said that the country’s cumulative exports for the year stood at $709.4 billion as of 1 p.m. on Saturday, beating last year’s record annual figure of $709.3 billion.

Exports have set a new monthly record nearly every month this year. In June, monthly exports surpassed $100 billion for the first time in history.

From January through August, semiconductor exports reached $281.2 billion, up 169.6 percent from the same period last year. Chips accounted for 40.6 percent of total exports.

Other categories, including computer peripherals, also saw gains. Computer peripherals comprise enterprise solid-state drives, which spiked 262.2 percent; petroleum products, which rose 40.7 percent; wireless communication devices, which jumped 28.1 percent; and ships, which increased 12.4 percent.

Car exports, however, fell 4.4 percent, and auto parts declined 7.3 percent.

By destination, exports grew broadly across major markets: China at 76.1 percent, the United States at 57 percent, Vietnam at 57.7 percent and the European Union at 19 percent. Exports to the Middle East slid 9.8 percent due to the ongoing conflict. 

President Lee Jae Myung promoted the results on his X account on Saturday by sharing a report from Korea Customs Service Commissioner Lee Jong-wook. 

“If the current pace of strong export growth continues, Korea is projected to reach $1 trillion in annual exports by early December,” the post reads. “To date, only three countries — the United States, China and Germany — have exceeded $1 trillion in annual exports.”

BY SARAH CHEA [[email protected]]