Export containers stacked at a port in Busan [Yonhap]
Export containers stacked at a port in Busan [Yonhap]

South Korea's exports surpassed $700 billion through early September, breaking the all-time annual record set last year.

The Korea Customs Service said Saturday that cumulative exports this year reached $709.4 billion as of 1 p.m. that day, surpassing last year's record annual total of $709.3 billion a full 117 days ahead of schedule.

Despite uncertain external conditions including tensions in the Middle East, exports have set new monthly records every month this year, driven by broad-based growth across major product categories led by semiconductors. In June, monthly exports exceeded $100 billion for the first time in history.

By product category, semiconductor exports led the overall surge, jumping 169.6 percent year-on-year to $281.2 billion in the January–August period and accounting for 40.6 percent of total exports. Other categories also posted gains, including computer peripherals (up 262.2 percent), petroleum products (up 40.7 percent), wireless communications devices (up 28.1 percent) and ships (up 12.4 percent). Passenger vehicles fell 4.4 percent and auto parts declined 7.3 percent.

By destination, exports grew across major markets — China up 76.1 percent, the United States up 57.0 percent, Vietnam up 57.7 percent and the EU up 19.0 percent — with the Middle East the only major market to contract, falling 9.8 percent.

According to the Korea Customs Service, the only countries to have achieved $1 trillion in annual exports are the United States, China and Germany.


bigroot@heraldcorp.com