Government Overhauls Export Statistics After Six Years... K-Beauty and K-Food Now Designated as "Major" Items

Containers piled up at Pyeongtaek Port. Photo by Yonhap News Agency

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The government has completely overhauled the export and import statistics system for the first time in six years, expanding the list of "15 major export items" to "20 major items." The newly added items-such as electrical machinery, non-ferrous metals, agricultural and marine products, cosmetics, and household goods-reflect changes in industrial structure and the growing trend of consumer goods exports.

On May 6, the Ministry of Trade, Industry and Energy announced the revised MTI (Ministry of Trade Industry) code standards for export and import analysis. The MTI is a trade statistics system in which the Ministry reclassifies HS codes to better align with the Korean industrial structure.

This is the first overhaul in six years since 2020. Reflecting the recent diversification in export structure, the government has added five items-electrical machinery, non-ferrous metals, agricultural and marine products, cosmetics, and household goods-to the existing 15 major items. As a result, the share of the top 20 export items accounted for 86.3% of total exports last year, up from 77.2% based on the previous 15 major items.

The classification system for major items such as semiconductors, automobiles, and biohealth has also been reorganized to better match industry realities. For semiconductors, the previous single "integrated circuits" category has been separated into memory semiconductors and system semiconductors, with memory semiconductors further subdivided into DRAM, NAND, and others. For automobiles, vehicle type and powertrain have been separated, allowing for more detailed categories such as new cars, used cars, electric vehicles, and hybrid vehicles. In biohealth, a separate MTI code has been established to distinguish between pharmaceuticals and medical devices in the statistics.

In the secondary battery sector, a new code for lithium-ion batteries has been established, and battery materials such as cathode materials, electrolytes, and separators have been consolidated under a single code. For steel, raw materials and other steel products have been transferred to separate categories to improve alignment with global steel statistics standards.

The government also used the revised MTI standards to analyze export and import performance for the first quarter of this year. Exports in the first quarter reached a record high of 219.9 billion dollars, up 37.8% year-on-year. The trade balance posted a surplus of 50.4 billion dollars, an improvement of 43.7 billion dollars compared to the same period last year.

By item, semiconductor exports surged by 139% to 78.5 billion dollars, driving overall export growth. In particular, DRAM exports soared by 249.1% and NAND exports by 377.5%. System semiconductor exports also increased by 13.5%.

Exports of electrical machinery rose by 2.5% to 4.05 billion dollars, driven by increased demand for transformers and cables amid expanded global power grid investments. Non-ferrous metal exports grew by 28.9% to 4.09 billion dollars, supported by higher copper and aluminum prices.

Consumer goods exports also maintained strong growth, fueled by the global spread of Korean pop culture. Cosmetics exports increased by 21.5% to 3.13 billion dollars, thanks to rising K-beauty demand. Exports of agricultural and marine products rose by 7.4% to 3.11 billion dollars, buoyed by the popularity of K-food. Exports of household goods, such as stationery and toys, grew by 3.9%.

Korea's global export ranking has also improved. According to the World Trade Organization (WTO), Korea ranked fifth in the world in exports for January-February this year, following China, the United States, Germany, and the Netherlands, and recorded the highest growth rate (31.3%) among the top seven countries.

Minister of Trade, Industry and Energy Kim Jeonggwan stated, "While semiconductor exports are leading overall export growth, non-semiconductor exports have also shown double-digit growth, resulting in record-high first-quarter export performance." He added, "Although external conditions such as rising oil prices due to the Middle East war, supply chain instability, and uncertainty over U.S. tariffs remain challenging, the government will continue to support robust export growth through expanded trade finance and logistics stabilization measures."

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