South Korea's exports reached a record 87.7 billion USD in May 2024 [1], marking an all-time high for the nation [1].
This surge underscores the critical role of the semiconductor industry in the national economy and signals a robust recovery in global tech demand. The growth reflects a significant shift in trade momentum that has sustained the country's financial balance for over a year.
According to YTN News, the year-on-year export growth for May stood at 53.2% [1]. This represents the largest annual increase in exports since 1984 [1]. The growth was primarily driven by the semiconductor sector, which saw exports exceed 37 billion USD [1].
"Last month, our country's exports reached 87.7 billion dollars, breaking another all-time record," an anchor for YTN News said [1].
The trade surplus for May reached 26.9 billion USD [1]. This result extends the country's streak of monthly trade surpluses to 15 consecutive months [1].
Cumulative data for the first five months of the year further illustrate the trend. From January to May, total exports reached 994.2 billion USD [1]. This cumulative figure represents a growth rate of 43.4% compared to the same period in the previous year [1].
Reporter Park Ki-wan said the May export amount specifically recorded 87.7 billion USD [1]. The continued strength in high-tech components remains the primary engine for this expansion, a trend that has pushed the national trade balance into a consistent positive territory since early 2025.
“South Korea's exports reached a record 87.7 billion USD in May 2024”
The record-breaking export figures demonstrate South Korea's successful pivot back to growth, heavily reliant on the global rebound in semiconductor demand. By achieving the highest year-on-year increase in 42 years, the nation is leveraging its dominance in memory chips to offset other economic pressures, securing a stable trade surplus that strengthens the national currency and fiscal reserves.
