HomeSouth Korea’s Strong Recent Export Trend
Aug 8th, 2024
In May 2024, South Korea’s exports hit $58.15 billion USD, up 11.7% from last year. Exports increased for semiconductors, displays, computers, wireless telecommunications, petrochemicals, automobiles, petroleum products, ships, bio-health, home appliances, and textiles.
Exports from South Korea to the US set a record in May, reaching $10.93 billion USD, continuing its upward trend for the 10thconsecutive month. Meanwhile, semiconductors and ships exports to the EU also increased.
Additionally, exports from South Korea to Latin America grew for five consecutive months, showing the highest growth rate among major markets, while exports to Southeast Asia increased for two months in a row, surpassing USD 10 billion for the first time this year.
Free Trade Agreement & Strong Government Support for Exports
Since the US-Korea Free Trade Agreement (KORUS) entered into effect in 2012, exports from South Korea to the US has grown substantially, with top exported products in the automotive, industrial machinery, as well as industrial processes and technologies sectors.
As of 2024, South Korea has put in place free trade agreement (FTAs) with 58 countries and regions.
Main export product categories from South Korea include electronics, automobiles, industrial machinery, steel products, ships, cosmetics, and food.
South Korean Government Support for Exports
The South Korean government has various policies and initiatives designed to boost the country’s competitiveness on the global stage.
With strong financial assistance and policy support from the federal government, including strong emphasis and financial support for research and development in advanced manufacturing, semiconductors, green technologies, material science, biotechnology, and other industries, South Korea has grown into and has positioned itself as a technologically advanced, competitive, and high-quality industrial products exporting nation.
Working with US Korea Hotlink
The US Korea Hotlink team has been facilitating exports from South Korea to the US, EU and other regions and countries since 2009. As the largest consortium of high-quality, custom manufacturers from South Korea, US Korea Hotlink provides international buys with a solid foundation of vetted and pre-selected South Korean manufacturers and fabricators.
Korean International Trade Association (KITA) Certification
July 8th, 2024, US Korea Hotlink and LPR Global were designated by Korean International Association (KITA) as a Certified Trading Partner.
The Korean International Trade Association (KITA) is a non-profit organization working closely with the Korean federal government and other government agencies to promote international trade and supporting Korean businesses on export-related activities and initiatives.
US Korea Hotlink and LPR Global work closely with KITA and other non-profit and government agencies to facilitate international business transactions and project executions between South Korea and other countries.
Read our press release on US Korea Hotlink’s certification by KITA, and its significance to both organizations.
Industry Expertise
From industrial machineries such as rotary friction welding machines, advanced non-destructive testing equipment, to entire production lines such as electroplating lines, cut-to-length and slitting lines, to custom fabrication projects such as laser fabrication services, custom conveyor systems, piping solutions projects, US Korea Hotlink has been working closely with North American and global companies for industrial technologies, products, services and custom solutions out of South Korea.
Global Reach
With our headquarter in Toronto, Canada, contract manufacturing facility and office in Korea, engineering presence in the US, Germany, Brazil, affiliated operations globally, as well as our extensive industry experience and expertise in the South Korean market, US Korea Hotlink is uniquely positioned to offer global companies with easy access and a single point of contact for high-quality, custom solutions out of Korea for your complex projects.
“KITA Trade Report: KITA Trade Report Detail.” KITA, Korea International Trade Association, 24 June 2024, www.kita.org/kitaTradeReport/kitaTradeReport/kitaTradeReportDetail.do?no=15.
“U.S.-Korea (KORUS) Free Trade Agreement.” Office of the United States Trade Representative, U.S. Government, [publication date if available], https://ustr.gov/trade-agreements/free-trade-agreements/korus-fta.