"Thank You, Semiconductors": Cumulative Exports Reach $709.4 Billion in Early September, Surpassing Last Year's Performance

[Financial News] As of early September, South Korea's cumulative exports reached $709.4 billion, surpassing last year's annual export figure ($709.3 billion). With semiconductor exports leading the growth, annual exports could reach $1 trillion for the first time in history this year if the strong trend continues.
The Ministry of Trade and Industry and the Korea Customs Service announced that as of 1 p.m. on the 5th, cumulative exports for this year totaled $709.4 billion. This achievement was reached 117 days ahead of last year's total annual exports.
This year, South Korea's exports set a new all-time record for the third consecutive year, with major export items showing balanced growth centered on semiconductors.
On a cumulative basis from January to August, semiconductor exports reached $281.2 billion, surging 169.6% compared with the same period last year and leading the overall growth. Semiconductors accounted for 40.6% of total exports.
Exports of computer peripherals (262.2%), petroleum products (40.7%), wireless communication devices (28.1%), and ships (12.4%) also increased.
South Korea's exports reached $683.6 billion in 2022, slowed to $632.2 billion in 2023, rebounded to $683.6 billion in 2024, and then recorded $709.3 billion last year, surpassing $700 billion for the first time in history.
After achieving the highest export performance ever recorded for the corresponding month every month since January, monthly exports exceeded $100 billion for the first time in history, particularly in June.
By country, with the exception of the Middle East (-9.8%), major markets including China (76.1%), the United States (57.0%), Vietnam (57.7%), and the European Union (19.0%) showed balanced growth.
President Lee Jae Myung said via X (formerly Twitter) that Customs Commissioner Lee Jong-wook had reported to him that "if the current robust export trend continues, annual exports are expected to reach $1 trillion around early December."
According to the Korea Customs Service, the United States, China, and Germany are currently the only three countries to have achieved annual exports of $1 trillion.

[email protected] Park So-hyun Reporter