South Korea has recorded remarkable growth in its export sector, with outbound shipments increasing by 16 percent year-on-year during the first 20 days of February 2025. According to data from the Korea Customs Service, the total exports reached $35.3 billion during the period, significantly higher than the $30.4 billion recorded for the same time frame last year.
The surge was largely driven by strong demand for semiconductors, which is pivotal for the nation’s economy, alongside increases across various other product categories. Notably, South Korea’s exports of passenger cars surged by 40.3 percent and auto parts rose by 9.1 percent, showcasing significant diversification beyond electronics.
Despite the impressive overall figures, the daily average export value showed some declines, which might indicate underlying challenges. The adjusted average daily export value for the period was $2.28 billion, down 2.7 percent compared to the previous year. This drop has been attributed to having more working days this year — 15.5 — compared to only 13 last year, affected by the earlier timing of the Lunar New Year holiday.
Interestingly, South Korea's exports to major global markets also recorded substantial increases. The biggest markets included China, with exports growing by 13.6 percent, and the United States, with growth at 16 percent. Exports to the European Union increased by 8 percent, and Vietnam saw even greater growth at 32.7 percent. Conversely, exports to Hong Kong witnessed a slight decline of 5.7 percent.
On the import side, South Korea's imports also increased during this period, rising by 7.7 percent to $34.5 billion, resulting in a trade surplus of $800 million. While imports of semiconductors saw increases of 16.9 percent, crude oil and gas witnessed declines of 8.0 and 16.4 percent, respectively.
The figures present a mixed but overall encouraging picture for South Korea’s export performance as it bounces back from previous declines. Earlier in January, South Korea had experienced its first monthly export decline after more than 15 months of growth, attributed to fewer working days owing to the Lunar New Year celebration. The data reveals the resiliency of the South Korean economy, especially as semiconductor demand continues to bolster its export capabilities.
Looking forward, experts and economists will be closely watching these trends to gauge the overall health of South Korea’s economy amid varying global demand and supply chain dynamics. The upcoming months will also be telling for the nation as it navigates post-holiday production schedules and global economic conditions.