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A Comprehensive Analysis of Recent Korean Export Performance

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Abstract

Recently, Korean exports have exhibited robust growth, driven primarily by shipments of automobiles and IT products such as semiconductors. The semiconductor market began to recover in October of 2023 despite ongoing geopolitical tensions, and Korean chip exports have surged in response. The upward trajectory of exports has continued ever since. The United States has emerged as the largest consumer of Korean exports, having continually increased its share since 2020. It replaces China at the top spot, exports to which have declined for three consecutive years now. In the first half of this year, Korea recorded a trade surplus of USD 28.7 billion with the US, which stands in stark contrast to its USD 5.4 billion deficit with China.

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  • Park, Sung Keun & Han, Jung Min & Kang, Sungwoo, 2024. "A Comprehensive Analysis of Recent Korean Export Performance," Industrial Economic Review 24-22, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2024_022
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    More about this item

    Keywords

    exports; trade; macroeconomy; auto industry; battery industry; semiconductors; shipbuilding; automotive sector; batteries; KIET; Korea;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General

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