Semiconductor-led exports surge past $700 billion, putting South Korea within reach of first $1 trillion year

South Korea’s exports have crossed $700 billion by early September, putting the country within sight of an annual $1 trillion milestone for the first time.

The Ministry of Trade, Industry and Energy said cumulative exports reached $709.4 billion as of 1 p.m. on the fifth day of the month. That surpassed last year’s record annual total of $709.3 billion, achieved 117 days earlier than in the previous year. Exports passed the threshold after 248 days, according to the report.

The increase came despite difficult external conditions, including instability in the Middle East. Semiconductors drove the expansion, accounting for 40.6% of exports in the January-August period. Other major gains included a 262.2% rise in computer peripherals, a 40.7% increase in petroleum products, a 28.1% rise in wireless communication devices and a 12.4% increase in ship exports.

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Our exports are continuing their remarkable growth amid an uncertain trade environment shaped by stronger protectionism, global supply-chain restructuring and the situation in the Middle East.

Exports to the Middle East fell 9.8% from a year earlier, but shipments to several major markets grew. Exports to China rose 76.1%, those to the United States increased 57.0%, Vietnam 57.7% and the European Union 19.0%. Exports to Hong Kong, Taiwan and Malaysia also climbed sharply, by 170.7%, 61.3% and 95.4%, respectively.

President Lee Jae Myung wrote on X that exports were maintaining “remarkable growth” despite protectionism, global supply-chain changes and the situation in the Middle East. He said annual exports could reach $1 trillion around early December if the current momentum continues. Lee noted that only the United States, China and Germany have so far recorded annual exports above that level.

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If the current robust export trend continues, annual exports are expected to reach $1 trillion around early December.