Last Year Free Trade Zone Exports Reach $14.9 Billion...All-Time High

Over $10 Billion in Exports for Four Consecutive Years

Last year, exports from Free Trade Zones (FTZ) reached $14.9 billion, setting a new record high.

According to the "2024 Free Trade Zone Export Trends" announced by the Ministry of Trade, Industry and Energy on the 4th, exports from Free Trade Zones last year amounted to $14.9 billion, a 22.5% increase compared to the previous year. This surpassed the $14.7 billion achieved in 2022. Exports exceeding $10 billion have been sustained for four consecutive years.

There are a total of 13 Free Trade Zones designated and operated. These consist of 7 industrial complex types (including Masan and Gunsan, with a total of 307 companies), 1 airport type (Incheon Airport, with 794 companies), and 5 port types (including Gwangyang Port and Busan Port, with a total of 163 companies).

The industrial complex type exceeded $2 billion in exports for two consecutive years, driven by the global market’s trend toward high value-added and eco-friendly products, supported by strong exports of K-automobiles and ships, which increased parts exports from related companies. The airport type recorded $12.7 billion (a 29.3% increase from the previous year) due to increased demand for high-performance semiconductors and high-bandwidth memory (HBM) semiconductors.

By product category, semiconductors accounted for the largest share at 85.2%, followed by electrical and electronic precision instruments (automobile parts and mobile phone parts) at 6.4%, and petrochemicals (resins) at 1.9%.

By country, exports were distributed as follows: China (semiconductors, etc.) 64.3%, Vietnam (mobile phone parts, etc.) 8.8%, the United States (automobile parts and plastic raw materials, etc.) 3.2%, and India (chemical products, etc.) 2.2%.

An official from the Ministry of Trade, Industry and Energy stated, "Exports from Free Trade Zones are expected to increase this year as well, driven by rising demand for AI semiconductors and continued strong exports of eco-friendly automobiles."

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