Korea's export figures hit record high for six consecutive months

Despite steep U.S. tariffs, Korea’s exports from January to November this year rose by 2.9 percent on year, led by a strong upswing in key sectors such as semiconductors and automobiles, which are experiencing “supercycles.”

Cars ready for export are parked on car carriers at a port in Pyeongtaek, Gyeonggi, on Dec. 1. [YONHAP]

Despite steep U.S. tariffs, Korea’s exports from January to November this year rose by 2.9 percent compared to the same period last year, led by a strong upswing in key sectors such as semiconductors and automobiles, which are experiencing “supercycles.”

Monthly export figures hit record highs for six consecutive months as of November, raising the possibility of surpassing $700 billion in annual exports for the first time in history.

Exports in November reached $61.04 billion, an 8.4 percent on-year increase, according to data released by the Ministry of Trade, Industry and Resources on Monday. Cumulative exports for the first 11 months of the year totaled $640.2 billion, surpassing the previous annual record of $628.7 billion set in 2022.

If exports in December reach $59.8 billion, Korea will break the $700 billion mark in annual exports for the first time. Imports in November this year stood at $51.3 billion, up 1.2 percent on year, resulting in a trade surplus of $9.73 billion.

At the center of the export boom are semiconductors. Exports of semiconductors in November amounted to $17.26 billion, a 38.6 percent increase compared to the same month last year. It was the highest monthly performance on record, accounting for 28.3 percent of total exports.

The growth was driven by soaring demand for high-value memory chips used in data centers — such as high bandwidth memory and DDR5 — amid an investment boom in AI, along with rising memory prices. Cumulative semiconductor exports from January to November this year reached $152.6 billion, already exceeding last year's all-time annual record of $141.9 billion.

“Semiconductor unit prices are expected to remain high next year,” said Kang Gam-chan, the director general for trade and investment at the ministry. “While demand for AI servers and data centers continues, the expansion of memory supply remains structurally limited.”

A HBM4 memory chip is on display at SK hynix's booth at SEDEX 2025, a semiconductor exhibition held in Coex in Gangnam, southern Seoul, on Oct. 22. [NEWS1]

Automobile exports also grew despite worsening tariff conditions. Exports of automobiles in November this year reached $6.41 billion, up 13.7 percent from a year earlier. Although exports of EVs slowed under the United States' 25 percent tariff, shipments of internal combustion and hybrid vehicles increased.

Exports of used cars also surged, especially to countries in the Commonwealth of Independent States (CIS), a region in Eurasia comprising Russia, Armenia, Belarus, Kazakhstan and other countries. Cumulative automobile exports for the first 11 months of 2025 hit $66.04 billion, the highest ever recorded.

In contrast, exports of steel, petrochemicals, petroleum products and auto parts — which fell by 15.9 percent, 14.1 percent, 10.3 percent and 11.2 percent, respectively — declined under the pressure of tariffs and global oversupply.

However, more balanced growth in exports of electrical equipment, agricultural and marine products and cosmetics indicates continued diversification of Korea's export portfolio.

Cars ready for export are parked on car carriers at a port in Pyeongtaek, Gyeonggi, on Dec. 1. [YONHAP]

Exports to the United States in November totaled $10.35 billion, a slight decrease, but the decline was limited to 0.2 percent thanks to a recently concluded tariff negotiation.

Exports to China rose by 6.9 percent to $12.07 billion, led by a recovery in semiconductor and petroleum product shipments. Exports also increased to the Association of Southeast Asian Nations, the Middle East and the CIS.

Industry Minister Kim Jung-kwan said Korean companies “turned crisis into opportunity amid rising protectionism.”

However, concerns remain that next year’s export growth may slow due to base effects from this year’s high performance and the full impact of U.S. tariffs. In a recent report, the Korea Institute for Industrial Economics and Trade projected that exports next year will total $697.1 billion, a 0.5 percent decline from this year’s estimate.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom. BY KIM WON [lim.jeongwon@joongang.co.kr]