Korea is Forecast to Break $700 billion Export Milestone, Best-Ever One in 2025

Prime Minister Kim Min-seok give a speech at the 62nd Trade Day anniversary of Trade Day.

KITA Chmn. Yoon Jin-sik speaks at the Trade Day anniversary event.

The Korea International Trade Association (KITA) and the Ministry of Trade, Industry and Resources (MOTIR) said a ceremony to celebrate the 62nd anniversary of Trade Day at COEX in Samseong-dong, Seoul, on Dec. 4 with ranking government officials, including Prime Minister Kim Min-seok, heads of related organizations and prize winner in attendance.

The anniversary event, titled “K-trade, Opening New Paths,” was designed to remind of Korea’s hidden power and encourage dedicated officials in the export industry, as the nation is expected to achieve the best-ever export performance amid outside uncertainties, such as U.S. tariff policies.

In an opening speech, KITA Chmn. Yoon Jin-sik said, “The global situation is likely to see competition and strife as nations get more fierce in accordance with each nation’s own interests, and KITA will spearhead efforts to open Korea’s new trade paths by representing our companies’ interests in major markets, such as the United States and EU through full use of its overseas networks and by exploring emerging markets with a focus on consumption items related to Hallyu (Korean Wave), such as foods and cosmetics.”

Prime Minister Kim Min-seok, Minister of Trade, Industry and Resources Kim Jung-kwan and Chairman Yoon Jin-sik of the Korea International Trade Association attend a ceremony to celebrate the 62nd anniversary of Trade Day at COEX in Samseong-dong, Seoul, on Dec. 4. (Photos: KITA)

The nation saw the cumulative value of exports jump to $640.2 billion during the first 11 months of the year, the best in three years, when exports worth 628.7 billion were logged.

Despite macroeconomic and geopolitical conditions, such as U.S. tariffs and declining crude oil prices, Korea is forecast to break the $700 billion export amount milestone, the best in its export history this year.

National exports made an “export plus march” for the sixth consecutive month on the back of efforts to ease uncertainties since the new government was inaugurated, a reverse of the poor first half.

The nation’s good export performance was owed to the charge made by Korea’s competitiveness mainstay industries, such as semiconductors, automobiles, shipbuilding and bio.

Korean consumption and defense industry items, such as K-food and beauty products, also played a part in addition to hallyu.

Korean export markets have been diversified to the EU and other regions, departing from a structure bipolarized by the United States and China, the world’s two mainstay markets.

During the event, the government presented export tower awards to 1,689 companies and 598 individuals, who were recognized for their contributions to promoting exports, om addition to80 KITA chairman’s prize winners.

The number of SME exporters based on a cumulative basis in the third quarter of the year stood at 8,900, the most-ever. SMEs logged exports worth $87.1 billion, also the best-ever.

In the export tower prize category, the coveted $35 billion export tower honor went to SK Hynix.

The semiconductor company received the $35 billion export tower prize this year, after winning the $30 billion export tower prize in 2022.

Ten company representatives received export tower prizes on behalf of 1,689 prize winners.

The $6 billion export tower prize went to Hyundai Glovis, which has seen semi-finished part exports surge based on global supply chains.

In the trade promotion merit person category, the Order of Industrial Merit Service, Gold Tower went to Hyundai Motor Group Executive Vice President Jung Jun-cheul, recognized for contributing to raising the leverage during trade negotiations with the United States by stabilizing supply chains, such as smart manufacturing innovation and dedicating new plants.

Hyundai Motor Group Executive Vice President Jung and nine other prize winners took the stage to receive their respective awards on behalf of 598 people of merit.

MOTIR Minister Kim Jung-kwan said, “This year’s achievement is attributable to the Korean industry’s competitiveness combined with export determination, and it symbolizes the Korean economy and export industry’s tenacity and resilience.”

Minister Kim said the government will open new trade paths based on industry innovation and K-culture beyond the best-ever export performance and making its policy efforts so that spill-over effects of exports can be spread to SMEs, regions and workers.