South Korea's exports from August 1 to 10 reached $21.3 billion, setting an all-time high. According to the Korea Customs Service, the figure represents a 45.3% increase compared to the same period last year, significantly surpassing the $15.6 billion recorded during the same period in 2022. The daily average export value, adjusted for working days, also rose 45.3% year-on-year to $3.04 billion, up from $2.09 billion a year earlier.

By product category, semiconductors played an overwhelming role in driving growth. Semiconductor exports surpassed $10 billion, surging 155.4% year-on-year, and accounted for 46.8% of total exports. This is the highest figure on record for early August, up 20.1 percentage points from the same period last year, and marks the second-highest level following early May (47.0%). Exports of petroleum products (65.3%) and computer peripherals (139.5%) also saw significant increases.

By country, exports to China led the upward trend with a 134.8% increase. Strong performance was also recorded in major markets including Hong Kong (259.4%), the European Union (EU, 57.2%), and Vietnam (45.4%), while exports to the United States decreased by 0.2%. The top three export destinations — China, Vietnam, and the United States — accounted for 52.5% of total exports.

Meanwhile, domestic exports in the second quarter of this year reached $275.5 billion, a 57.3% increase year-on-year, achieving the largest quarterly performance on record. Exports in the electrical and electronics sector surged 109.8%, accounting for 58.2% of the total, and by industry, growth was most pronounced in mining and manufacturing (64.9%), wholesale and retail (14.3%), and other industries (0.1%).

The trade concentration of the top 10 exporting companies also hit an all-time high. The second-quarter trade concentration of the top 10 companies, including Samsung Electronics and SK Hynix, stood at 55.3%, up 17.0 percentage points from the same period last year. This marks a surge of more than 20 percentage points in just two years from 31.1% in the second quarter of 2023. The trade concentration of the top 10 companies first surpassed the 40% level in the third quarter of last year, driven by the semiconductor supercycle, and rose to 50.1% in the first quarter of this year. There is also speculation that it could approach 60% in the second half of the year if the semiconductor boom continues.

By company size, large enterprise exports increased 81.8% year-on-year, driven largely by the capital goods and raw materials sectors. Exports by mid-sized companies (10.9%) and small and medium-sized enterprises (13.1%) also grew.