'SK Hynix and Samsung AI Boom' Breaks Through Tariff Barriers... North American Sales of Korean Companies Up 14%

North American sales reached 344 trillion won last year
Share of North America in total sales expanded to 31%
Automobile, battery, shipbuilding, and machinery sales declined

Despite the Trump administration’s high-tariff policy in the United States, North American sales of major Korean companies appear to have increased by about 14%. The rise in sales of IT and electrical/electronics companies, led by SK Hynix and Samsung Electronics amid the artificial intelligence (AI) boom, seems to have played a key role.

On February 10, corporate analysis institute Leaders Index reported that, based on an analysis of 67 companies among the top 500 by sales that separately disclosed their North American sales for the third quarter of last year, along with 194 subsidiaries, North American sales totaled 343.7985 trillion won. This represents an increase of 42.5763 trillion won (14.1%) compared with the third quarter of 2024 (301.2222 trillion won).

During the same period, the total sales of the surveyed companies rose from 1,028.1517 trillion won to 1,110.4567 trillion won, an 8.0% increase, which fell short of the North American sales growth rate. The share of North America in total sales expanded from 29.3% to 31.0%.

By industry, IT and electrical/electronics recorded the largest increase. North American sales in this sector grew 20.7%, from 130.8345 trillion won to 157.9407 trillion won. In particular, SK Hynix saw its North American sales jump 65.5%, from 27.3058 trillion won to 45.1802 trillion won, pushing the share of North America in its total sales above 70%. Samsung Electronics also recorded a 10.2% increase in North American sales, from 84.6771 trillion won to 93.3448 trillion won. In contrast, LG Electronics saw a 0.3% decline, from 16.9777 trillion won to 16.9196 trillion won.

Aerial rendering of SK Hynix office in Lafayette, Indiana, USA. SK Hynix

The growth in the pharmaceutical and bio sector was also notable. North American sales of Samsung Biologics and Celltrion surged 120.9%, and the share of North America in their total sales rose to 27.0%. Driven by higher power demand stemming from the spread of artificial intelligence (AI), North American sales of Hyosung Heavy Industries and LS Electric also increased by 52.9% and 84.8%, respectively.

North American sales in the automobile sector remained largely unchanged. The combined sales of 14 automobile and parts companies were 126.3246 trillion won and 126.6072 trillion won, staying at a similar level.

However, the share of North America in the automobile sector’s sales fell from 43.6% to 39.3%. Hyundai Motor’s North American sales rose from 57.3826 trillion won to 62.1761 trillion won, and Kia’s from 35.5666 trillion won to 38.1577 trillion won. Parts makers such as Hyundai Transys (38.4%) and Hyundai Mobis (26.7%), as well as tire companies such as Hankook Tire & Technology (100.7%), Kumho Tire (19.7%), and Nexen Tire (2.0%), showed sales growth as a result of expanding local production in the United States.

In contrast, North American sales in the secondary battery sector declined. Samsung SDI’s North American sales fell by more than 40%, from 4.1538 trillion won to 2.4550 trillion won, while POSCO Future M’s dropped 27.6%, from 1.0805 trillion won to 782.3 billion won. In addition, North American sales decreased in construction and building materials (-35.5%), transportation (-7.8%), and shipbuilding, machinery, and equipment (-3.7%).

Leaders Index analyzed, "While IT and electrical/electronics, including semiconductors, and the pharmaceutical and bio sectors drove the overall growth, sectors such as secondary batteries and construction declined, resulting in clear differences by industry."