Korea Surpasses Japan to Rank 5th in Global Exports for Q1

South Korea's total exports in the first quarter surpassed Japan's, elevating the nation to the 5th position among global exporters. This achievement signifies the first time Korea's exports have outpaced Japan's. In the first quarter, South Korea's export performance reached $219.9 billion, a sharp 37.8% increase year-on-year. This figure exceeded Japan's estimated exports of $189.5 billion by $30.4 billion. It is the first time Korea's export performance has surpassed Japan's on a quarterly basis.

The primary drivers behind this robust export performance are analyzed to be the semiconductor boom and expanded investments in artificial intelligence (AI) servers. Growth was led by memory semiconductors, spearheaded by companies like Samsung Electronics and SK Hynix, along with strong shipbuilding exports. This export surge resulted in a trade surplus of $50.4 billion, an improvement of $43.7 billion compared to the previous year.

The cumulative export growth rate for January-February, based on World Trade Organization (WTO) statistics, stood at 31.3%, ranking high among the top seven countries. Exports of noodle products, including ramen, reached $500 million, showing a 24% growth.

The government revised its import-export analysis standards for the first time in six years and expanded its list of key export items from 15 to 20, reflecting changes in the industrial structure and diversification trends in exports. Minister of Trade, Industry and Energy Kim Jeong-kwan explained that exports beyond semiconductors also showed double-digit growth, contributing to record-high performance. He added that despite challenging export conditions, such as rising oil prices from the Middle East and global supply chain instability, the government provided support through trade finance, export insurance, and measures to address logistics disruptions, aiming to sustain the first-quarter momentum throughout the year.