In 2024, South Korea's trade performance continues to reflect the country's strength as a global economic powerhouse. According to the latest South Korea trade data, export revenue grew by 8.2%, reaching $683.76 billion USD, surpassing the previous record set in 2022. This robust growth in exports, driven by high-demand products like semiconductors and mobile devices, is a testament to South Korea's position at the forefront of global trade. Tendata will unlock details of South Korea trade data for you.

South Korea's Trade Performance in 2024

Exports: South Korea's export revenue surged to $683.76 billion USD in 2024, marking an 8.2% increase from the previous year. This growth reflects the continued strength of the country's export-driven economy, which accounts for about half of its GDP. The daily average exports also reached a new high of $2.53 billion USD.

Imports: In contrast, imports saw a slight decline of 1.6%, totaling $631.99 billion USD in 2024. This reduction in imports, coupled with a strong export performance, resulted in a trade surplus of $51.77 billion USD, a significant turnaround from the $10.3 billion USD deficit in 2023.

Key Export Products Driving Growth

Semiconductors

Semiconductors remain the largest export category for South Korea, contributing significantly to the growth of total exports. Exports in this sector surged by 43.9% year-on-year, reaching a record high of $141.92 billion USD. The increase is primarily driven by demand for advanced chips, such as DDR5 and high-bandwidth memory, essential for generative artificial intelligence (AI) applications.

Mobile Devices

Mobile device exports also experienced robust growth, rising by 11.2% to $17.19 billion USD in 2024. This increase was driven by the release of new smartphones and other high-tech mobile products, continuing to fuel South Korea's electronics export sector.

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Display Panels

The demand for display panels grew slightly by 0.9%, reaching $18.75 billion USD. This increase is indicative of the ongoing global demand for high-quality OLED and LED displays used in smartphones, TVs, and other consumer electronics.

Computers and Related Products

Exports of computers surged by 76.7% to $13.16 billion USD, driven by consistent demand for solid-state drives (SSDs) and other essential computing components.

Automobiles

While automobile exports edged down slightly by 0.1% to $70.79 billion USD,  the automotive sector continues to be a critical component of South Korea’s export landscape. Despite this minor decline, the country remains a leader in automobile production and export.

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Shipbuilding

Ship exports saw strong growth of 17.6%, reaching $25.63 billion USD. South Korea's strong presence in high-value LNG carriers and container ships remains a significant factor in this growth, with demand for these types of vessels continuing to rise globally.

Petrochemicals

Exports of petrochemicals increased by 5.0% to $47.98 billion USD, while oil product shipments saw a decline of 3.3% to $50.29 billion USD due to cheaper crude oil prices.

Trade with Key Regions

United States

South Korea's exports to the United States continued to rise, growing by 10.5% to $127.79 billion USD. This marks the eighth consecutive year of growth in exports to the US, driven by demand for semiconductors, automobiles, and displays.

Southeast Asia (ASEAN)

Exports to ASEAN countries grew by 4.5% to $114.01 billion USD, reflecting strong demand for chips and oil products. Southeast Asia remains a critical region for South Korea, with increasing trade ties.

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European Union

Exports to the European Union decreased slightly by 0.2%, totaling $68.08 billion USD in 2024. Despite this small decline, the EU continues to be a major market for South Korean automobiles, electronics, and machinery.

Japan and Other Regions

South Korea's trade with Japan, Latin America, India, and the Middle East also showed positive trends. Exports to Japan increased to $29.59 billion USD, while shipments to Latin America and India grew to $29.02 billion USD and $18.7 billion USD, respectively. The Middle East saw exports rise to $19.7 billion USD, primarily driven by oil products and automobiles.

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1. Detailed descriptions of goods are provided.

2. Each transaction record includes company information for both the buyer and the seller, including company names and addresses.

3. Information about the notifier is provided, which is the party responsible for customs clearance and bill of lading procedures when the goods arrive at the port. This includes company names and addresses.

4. The weight, quantity, and packaging information, including container numbers, for the traded goods are displayed.

5. Country of origin and detailed port information, including ports of shipment, discharge, and shipping companies, are provided.

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