Jeju's top export is semiconductors, not citrus or pork

Jeju Island has achieved its highest-ever annual export performance in just the first five months of this year, surpassing last year's total with $354.77 million in exports. The primary driver behind this remarkable surge is the semiconductor industry, which saw its exports skyrocket by 384% compared to the same period last year, reaching $255.37 million. Semiconductors now constitute a dominant 72% of Jeju's total exports, with Hong Kong, Taiwan, and Vietnam being the main destinations.

The success is largely attributed to Jeju Semiconductor, a KOSDAQ-listed fabless company specializing in low-power, low-capacity memory chips for mobile devices. The company relocated its headquarters from Seoul to Jeju in 2005 and rebranded from EMLSI to Jeju Semiconductor in 2013. Operating without in-house manufacturing and relying on overseas foundries, Jeju Semiconductor found new opportunities in Jeju after it was designated an international free city in 2002, attracted by corporate incentives and convenient international access.

Following semiconductors, aircraft parts emerged as Jeju's second-largest export item, generating $50.38 million. This category includes aircraft engines sent abroad by domestic airlines for maintenance. Fishery products secured the third position with $15.36 million in exports. Notably, olive flounder, which previously held the top export spot before being overtaken by semiconductors in 2015, recorded $11.24 million in exports this year. Other significant exports include botulinum toxin (Botox), beef, and pork.

Kang Ae-sook, Director of Jeju Province's Economic Vitality Division, highlighted the significant growth in exports, particularly driven by semiconductors and high-value items like aircraft parts and pharmaceuticals. The provincial government plans to continue supporting exports through consulting services, customized global marketing, logistics cost assistance, and participation in overseas trade fairs.

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This year, exports are surging, led by semiconductors, and high-value items such as aircraft parts and pharmaceuticals are diversifying. We will continue to provide export consulting, customized global marketing for businesses, logistics cost support, and assistance for participating in overseas trade fairs.