According to data from the Ministry of Trade, Industry and Resources on Sunday, exports reached $709.3 billion last year, the sixth country ever to clear the $700 billion mark and a milestone hit just seven years after crossing $600 billion in 2018. Through April this year, shipments soared 40.9% from a year earlier to a record $306.5 billion.
The blistering pace has prompted the government, state researchers and brokerages alike to sharply lift their forecasts, far above the ministry's February target of $740 billion.
"There are other variables, so I am cautious, but exports are expected to top $900 billion this year," Minister Kim Jung-kwan told reporters on May 27, adding that breaking into the top five was within reach.
Kim stressed the boom was not propped up by chips alone. While semiconductor exports jumped about 140 percent, he said other sectors were growing a sturdy 14 percent to 15 percent, and small-business shipments climbed 10 percent. Beauty, fashion and food exports also advanced briskly, while shipments to emerging markets widened.
Some experts forecast that the $1 trillion threshold may be within striking distance. Meritz Securities forecasts exports of $1.02 trillion, a 44.2 percent leap, as analyst Lee Seung-hoon projected chip and computer-component shipments would balloon 160 percent and 212 percent respectively on swelling AI infrastructure.
From the second half, the ministry will mount an all-out push, channeling a record 275 trillion won in trade insurance, courting China and India, and nurturing 500 promising small exporters to cement what it called a robust, diversified trade structure.
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