Semiconductor and Automobile Exports Hit Record High from January to October This Year... Ministry of Trade Urges Preparedness for Rapidly Changing Trade Environment

Park Sung-taek, First Vice Minister of Industry, November Export Trend Review Meeting

Park Sung-taek, First Vice Minister of the Ministry of Trade, Industry and Energy, stated on the 25th, "So far, a steady export flow centered on key items continues, but since the trade environment is rapidly changing, we need to extend the timeframe to the mid-term and conduct a precise diagnosis of the external trade environment."

On the same day, Vice Minister Park held a meeting to review export trends, checking export trends and risks by major items and discussing expansion plans, making these remarks.

Vice Minister Park emphasized, "Uncertainty in the global market is rapidly increasing," adding, "With the expected changes in the global trade environment following the inauguration of the new U.S. administration, we must actively support companies' export activities in a way that reduces uncertainty and leverages opportunities."

Export containers are loaded onto a ship at Busan North Port. Photo by Kang Jin-hyung aymsdream@

According to the Ministry of Trade, Industry and Energy, exports have maintained a positive trend for 13 consecutive months from October last year to October this year. Based on cumulative figures from January to October, exports increased by 9.0% year-on-year, reaching $565.8 billion. The trade balance also recorded a surplus for 17 consecutive months, achieving a surplus of $39.6 billion in the cumulative total for October, marking the largest scale since 2018 ($60.8 billion).

Regarding items, based on cumulative figures up to October, exports of 9 out of the 15 major items increased. Semiconductor exports, the largest export item, have continued to grow for 12 consecutive months since turning positive in November last year, recording an all-time high of $115 billion (47.2%) in cumulative exports from January to October this year. Automobile exports, the second-largest export item, also recorded $59.1 billion, surpassing the previous record of $58 billion set in 2023 within just one year. Ship exports increased by 20.2% year-on-year to $20 billion, showing the third-highest growth among major items following computers (67.6%, $10.3 billion) and semiconductors.