Overall exports jumped 34 percent on-year to $65.85 billion, with semiconductors making up around 30 percent of the total.
Containers awaiting shipment are stacked at a port in Busan on Wednesday. (Yonhap) South Korea’s exports climbed to a record in January, with shipments jumping more than 30 percent to nearly $66 billion, driven by strong semiconductor demand, government data showed Sunday.
The Ministry of Trade, Industry and Resources said the outbound shipments from Korea came to $65.85 billion in January, up 34 percent from a year ago and marking the eighth consecutive month of growth. The daily average value of exports also hit an all-time high, rising 14 percent on-year to $2.8 billion, the ministry added.
Semiconductors led the rally, with outbound shipments more than doubling from a year earlier to $20.5 billion. The result was close to replicating December’s $20.8 billion record.
The ministry attributed the surge to booming global demand for artificial intelligence servers and a sustained recovery in memory chip prices since late last year. Korea has now posted record-high chip exports for the month for 10 consecutive months.
Automobile shipments also gained momentum, rising 22 percent on-year to $6.07 billion, the second-highest January level on record. The ministry cited a larger number of working days, with the Lunar New Year holiday falling in February this year, as well as solid demand for hybrid and electric vehicles.
Overall, 13 of the country’s 15 key export items posted growth in January, including wireless communication devices, displays, petroleum products and biohealth. Agro-fisheries and cosmetics stood out, rising 19 percent and 36 percent, respectively, to just above $1 billion each, both marking record highs for the month.
By destination, exports to the US climbed 30 percent from a year earlier to $12 billion, posting the highest January figure on record despite lingering trade policy uncertainty. However, car and machinery shipments, sectors most exposed to higher tariffs, fell 13 percent and 34 percent, respectively.
Shipments to China, Korea’s largest trading partner, surged 47 percent to $13.5 billion, buoyed by a sharp increase in chip exports.
Exports to the Association of Southeast Asian Nations also advanced 41 percent to $12.1 billion, reaching highest January level on record and the third-highest monthly tally overall, while shipments the European Union rose 7 percent to $5.4 billion.
Imports climbed 12 percent from a year earlier to $57.1 billion, resulting in a trade balance of $8.7 billion and extending the surplus streak to a 12th consecutive month.
“Despite rising uncertainty in the global trade environment stemming from recent US tariff policies and the spread of protectionism, the government will press ahead with consultations with the US with national interest as its top priority, while building a resilient trade structure that can withstand external shocks through diversification of products, markets and participants,” Trade Minister Kim Jung-kwan said.
jwc@heraldcorp.com