South Korea’s export performance this year has exceeded USD 700 billion (about KRW 1,004 trillion) for the first time in history. Despite a deterioration in trade conditions triggered by tariff shocks from the United States, the country’s two leading export items—semiconductors and automobiles, which have entered a “supercycle” (period of super-boom)—delivered better-than-expected results.

However, some assessments note that the high exchange-rate trend that has persisted this year boosted the price competitiveness of Korean products and thereby contributed to increased exports. When the exchange rate rises, the dollar-denominated prices of Korean products sold overseas become lower, which in turn supports exports.

According to the Korea Customs Service on the 29th, as of 1:03 p.m. that day, South Korea’s cumulative annual exports were tallied at over USD 700 billion. This surpasses the 2024 performance of USD 683.0949 billion.

South Korea has become the sixth country in the world to achieve annual exports of USD 700 billion. Although uncertainty increased due to wide-ranging tariffs imposed by the United States, strong exports of semiconductors and automobiles contributed to the record-high export value.

From January to November this year, cumulative semiconductor exports reached USD 152.6 billion, already breaking the previous record of USD 141.9 billion set in 2024. Automobiles also recorded exports of USD 66 billion through November, helped by strong sales of hybrid vehicles in the European market. This leaves only about USD 4.9 billion to reach the previous all-time high of USD 70.9 billion registered in 2023.

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