SEOUL, Jan. 1 (Xinhua) -- South Korea's export revenue hit a record high last year thanks to strong demand for locally-made semiconductors and other tech products, government data showed Wednesday.
Export revenue, which accounts for about half of the export-driven economy, grew 8.2 percent over the year to 683.76 billion U.S. dollars in 2024, surpassing the previous high of 683.6 billion dollars in 2022, according to the Ministry of Trade, Industry and Energy.
The daily average exports expanded 8.2 percent to reach a new high of 2.53 billion dollars last year.
Imports retreated 1.6 percent to 631.99 billion dollars in 2024, sending the trade surplus to 51.77 billion dollars. The trade balance turned around from a deficit of 10.3 billion dollars in 2023.
Of the country's 15 major export items, eight products saw an expansion in outbound shipment.
Semiconductor exports jumped 43.9 percent over the year to hit a fresh high of 141.92 billion dollars in 2024.
The double-digit growth was attributed to demand for high-end chips such as DDR5 and high bandwidth memory used in generative artificial intelligence chipsets.
Mobile device shipment soared 11.2 percent to 17.19 billion dollars due to the release of new products, and display panel exports added 0.9 percent to 18.75 billion dollars.
Computer exports surged 76.7 percent to 13.16 billion dollars on steady demand for solid-state drive.
Automotive shipment edged down 0.1 percent to 70.79 billion dollars in 2024 compared to the previous year, while auto parts exports slipped 1.8 percent to 22.55 billion dollars.
General machinery shipment decreased by 4.1 percent to 51.26 billion dollars, but exports for ships advanced 17.6 percent to 25.63 billion dollars on the back of solid demand for high value-added ships such as LNG carriers and container ships.
Shipment for oil products shrank 3.3 percent to 50.29 billion dollars on cheaper crude oil, but petrochemical exports increased 5.0 percent to 47.98 billion dollars.
Dubai crude, South Korea's benchmark, averaged 79.6 dollars per barrel in 2024, down from 82.1 dollars in the prior year.
Exports of home appliances rose to 7.98 billion dollars, but those for textiles, steel products and secondary batteries fell to 10.48 billion dollars, 33.29 billion dollars and 8.21 billion dollars each.
Exports to the United States climbed 10.5 percent from a year earlier to 127.79 billion dollars in 2024, continuing to grow for the eighth consecutive year.
Shipment to the Association of Southeast Asian Nations swelled 4.5 percent to 114.01 billion dollars due to robust demand for chips and oil products, while exports to the European Union decreased 0.2 percent to 68.08 billion dollars.
Exports to Japan, Latin America, India and the Middle East increased to 29.59 billion dollars, 29.02 billion dollars, 18.70 billion dollars and 19.70 billion dollars respectively.
Regarding import items, the imports of three major energy sources, including crude oil, natural gas and coal, reduced 7.5 percent last year, but non-energy imports edged up 0.1 percent on higher semiconductor demand. ■