Korean media: "South Korea has finally done it," surpassing Japan and entering the global top five!
On June 9, Korean media outlet Herald Economic published an article stating that South Korea's exports reached $21.99 billion in the first quarter of this year, a 37.8% increase compared to the same period last year, breaking the previous record of $17.34 billion set in the first quarter of 2022.
The key driver behind this achievement is clearly "semiconductors." With the booming growth of the artificial intelligence industry, demand for memory chips has surged, pushing semiconductor exports up by 139% year-on-year to reach $78.5 billion—undoubtedly becoming the crucial force revitalizing South Korea’s export economy.
The entire industry has seen balanced growth, particularly noteworthy being the rising strength of the "Hallyu" (Korean Wave), which has fueled export expansion. South Korea’s cosmetics exports rose by 21.5% to $3.13 billion, while food exports increased by 7.4% to $3.101 billion, making them significant contributors to overall exports. Analysts point out that the strength of Korean brands is no longer limited to manufacturing but is increasingly evident in everyday consumer goods.
Unless unforeseen circumstances arise, South Korea will rank fifth globally in exports for the first time in the first quarter of this year. According to data from the World Trade Organization, South Korea’s total exports in January and February amounted to $133.2 billion, ranking fifth—behind China, the United States, Germany, and the Netherlands—with Japan coming in sixth.
The prevailing view is that even after including March’s export figures, this ranking will remain unchanged.
According to estimates by Japan’s Ministry of Economy, Trade and Industry, Japan’s first-quarter exports totaled approximately $189.5 billion, about $30.4 billion less than South Korea’s $219.9 billion.
Original source: toutiao.com/article/1867508061810698/
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