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Import and export cargo stacked high at Sinseondae Pier in Busan Port, Nam-gu, Busan, on the 1st. / Yonhap

South Korea's exports have surpassed 700 billion dollars, overtaking last year's total annual figure ahead of schedule. Driven by strong performances across major export categories centered on semiconductors, the milestone of achieving 1 trillion dollars in annual exports for the first time in history has come into view.

According to the Ministry of Trade, Industry and Energy on the 5th, cumulative exports this year reached 709.4 billion dollars as of 1 p.m. that day. Surpassing last year's annual export total of 709.3 billion dollars in just 248 days—117 days ahead of schedule—the figure marks an all-time record.

Despite uncertain external conditions such as geopolitical tensions in the Middle East, this year's exports have maintained steady growth led by semiconductors. Every month since January has posted record-high export performances for that respective month, while monthly exports exceeded 100 billion dollars for the first time in history in June.

By export item, semiconductor shipments through last month reached 281.2 billion dollars, accounting for 40.6% of total outbound shipments. This represents an increase of roughly 2.7-fold compared to the same period last year. Broad-based growth was also recorded in computer peripherals (262.2%), petroleum products (40.7%), wireless communication devices (28.1%), and ships (12.4%).

By destination, exports to the Middle East contracted 9.8% year-on-year. Conversely, shipments to major markets expanded significantly, including China (76.1%), the U.S. (57.0%), and Vietnam (57.7%). Notably sharp growth rates were registered in Hong Kong (170.7%), Taiwan (61.3%), and Malaysia (95.4%).

An official from the Ministry of Trade, Industry and Energy stated, "Even amid an uncertain trade environment shaped by rising protectionism in major nations and global supply chain restructuring, if the current solid export momentum persists, we expect to achieve the tangible milestone of reaching 1 trillion dollars in annual exports within this year for the first time in history."

                                                                                                             Kim So-young