January 3, 2025 /SemiMedia/ — According to the latest data from South Korea's Ministry of Trade, Industry and Energy, the country's chip exports soared by 43.9% in 2024, totaling $141.9 billion, a new all-time high surpassing the previous record of $129.2 billion set in 2022. This growth was primarily driven by strong demand for high-end products, especially high-bandwidth memory (HBM) chips and other advanced technologies.

Despite a global decline in semiconductor prices, South Korea's chip exports remained robust, contributing significantly to overall export growth. In December 2024, chip exports rose by 41.5% year-on-year, reaching $14.5 billion, setting a new monthly export record. Exports to China increased by 8.6%, while exports to the United States grew by 5.5%.

The semiconductor sector remained the largest driver of South Korea's export performance in 2024. Overall, the country's exports grew by 8.2% year-on-year, with the strong performance of chip exports helping to propel the total export value to a record-breaking level, underlining the sector's critical role in supporting the South Korean economy.

Despite global economic challenges and expectations of slowing demand, South Korea's semiconductor exports have shown resilience. The Korea Development Institute forecasts a potential slowdown in export growth in 2025, but the semiconductor industry is expected to remain a cornerstone of South Korea's economic strength.