January Exports Reach $54.6 Billion... Semiconductor Export Value Hits 73-Month High (Update)

Ministry of Industry, 'January Export-Import Trends'
Double-Digit Growth for the First Time in 20 Months
"Our Exports Show Clear Recovery"

Last month, exports increased by 18% to $54.69 billion. This marked a double-digit increase for the first time in 20 months since May 2022. Semiconductors, South Korea's largest export item, recorded the highest export value in 73 months.

According to the "January Export-Import Trends" announced by the Ministry of Trade, Industry and Energy on the 1st, last month's export value was $54.69 billion, an 18% increase compared to the same month last year. Exports have been rising for four consecutive months following increases of 4.9% in October, 7.4% in November, and 5.0% in December of last year.

Considering the number of working days, the average daily export was $2.28 billion. Compared to $2.16 billion in January last year, this is a 5.7% increase. Export volume increased by 14.7%, maintaining a positive trend for five consecutive months.

The export growth was led by the semiconductor sector. Semiconductor exports reached $9.37 billion, continuing an upward trend for three consecutive months. In particular, the increase in export value was remarkable, rising 56.2% compared to the same month last year. This is the highest increase in 73 months since December 2017, when exports grew by 64.9%.

Other items also showed favorable performance. Among the 15 major export items, exports of 13 items increased. Automobile exports rose 24.8% to $6.2 billion, achieving the highest performance for January. Exports of general machinery (14.5%), home appliances (14.2%), displays (2.1%), and ships (76.0%) also increased. Computer exports increased by 37.2%, breaking an 18-month negative streak since June 2022.

Among the nine major export markets, exports increased in eight markets. Exports to China, South Korea's largest export destination, rose 16.1% to $10.7 billion, turning positive for the first time in 20 months since May 2022, when it was 1.3%. Exports to the United States increased by 26.9% to $10.2 billion, marking the highest performance for January. Exports to India (5.6%), ASEAN (5.8%), and Japan (10.6%) increased for four consecutive months.

Last month's imports were $54.39 billion, down 7.8%. Energy imports decreased by 16.3% overall due to a 6.0% increase in crude oil imports but declines in gas (-41.9%) and coal (-8.2%). Non-energy imports shrank by 4.7%.

The trade balance recorded a surplus of $300 million, marking eight consecutive months of surplus since June last year.

Andukgeun, Minister of Trade, Industry and Energy, stated, "Despite the prolonged global high-interest rate environment, US-China competition and supply chain restructuring, and geopolitical crises, which continue to pose challenges to our exports, the clear recovery trend shown by our exports can lead to achieving the ambitious goal of the highest export performance this year. The government will concentrate cross-ministerial policy capabilities to provide full support."

This content was produced with the assistance of AI translation services.