Electronics shipments reach record amid AI boom, following earnings surge

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Building on robust corporate earnings reported earlier, South Korea's electronics and telecommunications shipments hit a record 340.5 trillion won in 2024, up 26.4 percent, driven by AI demand. This caps a strong year for manufacturing amid global chip recovery.

South Korea's combined manufacturing and mining shipments reached 2,090.2 trillion won ($1.41 trillion) in 2024, up 4.9 percent from 2023, per Ministry of Data and Statistics data. The electronics and telecommunications sector led with 340.5 trillion won in shipments -- a 26.4 percent rise and the highest since 2008 -- alongside value added of 169.4 trillion won, up 48.4 percent and the third-highest on record.

This growth follows the previously reported 20.6 percent jump in corporate earnings to 181.9 trillion won, both propelled by AI demand boosting memory semiconductor exports. Automobiles grew 1.8 percent on EV and luxury demand, while food shipments rose 2.5 percent to 124.5 trillion won via convenience foods and K-food exports.

The sector ended 2024 with 73,890 companies (up 0.7 percent) and 3.04 million employees (up 62,000), underscoring AI's role in manufacturing rebound.

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Illustration depicting South Korea's Port of Busan with cargo ships exporting semiconductors amid record 29% export growth fueled by AI demand.
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South Korea's February exports jump 29% to record high on chip demand

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South Korea's exports rose 29% year-on-year in February to $67.45 billion, marking the highest level ever for the month. The surge was driven by growing demand for semiconductors amid the AI boom. The trade surplus reached a record $15.51 billion.

South Korea's March exports hit $86.13 billion, all-time high

South Korea's exports reached $86.13 billion in March, breaching the $80 billion mark for the first time ever. According to data from the Ministry of Trade, Industry and Resources, this represents a 48.3 percent increase from a year earlier. Record semiconductor shipments drove the surge.

South Korea's exports surge 36.7% in first 10 days of April

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South Korea's exports rose 36.7 percent year-on-year to a record $25.2 billion in the April 1-10 period, fueled by strong semiconductor demand. Korea Customs Service data showed imports up 12.7 percent to $22.1 billion, resulting in a $3.1 billion trade surplus.

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South Korea's February industrial output rises 2.5%, fastest in over 5 years

Ti AI ṣe iroyin

South Korea's industrial output rose 2.5% in February from the previous month, the fastest growth in five years and eight months. Government data showed retail sales unchanged while facility investment jumped 13.5%. The Middle East crisis has had minimal impact so far.

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