Ministry of Trade, Industry and Energy

Korea’s annual ICT exports achieve new highs in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on January 14 that exports of Korea’s information and communications technology (ICT) goods for 2024 logged an all-time high of USD 235.0 billion, surpassing the previous record set in 2022 ($233.2 billion). Annual ICT imports reached $143.2 billion and the trade balance stood at a surplus of $91.8 billion.  ICT exports have maintained an upward trajectory for 14 consecutive months, entering the $20 billion thresholds for five straight months since August 2024.  Semiconductor exports led overall ICT exports with a historic high of $142.0 billion, boosted by strong demand for artificial intelligence (AI) related goods. The double-digit growth of finished mobile phones and parts exports as well as the sharp growth of computers/peripherals’ solid-state drive (SSD) exports further contributed to last year’s ICT exports performance. By region, ICT exports to China (including Hong Kong) advanced 25.3 percent year-on-year to $97.9 billion in 2024, as robust demand for semiconductors, displays, and mobile phones spurred a powerful rebound from the previous year. To Vietnam (up 14.4 percent to $36.8 billion), semiconductors and mobile phones backed the rebound from the previous year, pushing overall ICT exports over the $30 billion thresholds for the fourth consecutive year. U.S.-bound ICT exports centered on semiconductors and computers/peripherals on the backs of demand for servers and datacenters, achieving fresh annual highs of $29.6 billion (up 31.9 percent). To the EU (up 11.4 percent to $12.2 billion), continued growth of mobile phones and computers/peripherals turned Korea’s ICT exports to an expansion. ICT exports to Japan (down 9.7 percent to $3.8 billion) fell despite the growth of displays and computers/peripherals, as exports of semiconductors and mobile phones shrank. Korea’s export and import of ICT goods for December 2024 recorded $22.7 billion and $13.3 billion, respectively, and the trade balance stood at a surplus of $9.3 billion. ICT exports for the month of December ranks highest among monthly exports in 2024, entering the $20 billion thresholds for the fifth consecutive month since August.   date2025-01-14

Minister Ahn meets U.S. Senator Marsha Blackburn

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Marsha Blackburn on January 9 (local time) in Washington D.C. to discuss stronger bilateral industrial, trade, and energy cooperation. date2025-01-13

Trade Minister meets Pakistan’s Federal Minister of Commerce

Trade Minister Inkyo Cheong of the Republic of Korea met Pakistan’s Federal Minister of Commerce Jam Kamal Khan on January 9 in Seoul to discuss measures for bilateral cooperation. date2025-01-13

Minister Ahn meets U.S. Trade Representative Katherine Tai

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea held talks with U.S. Trade Representative Katherine Tai on January 8 (local time) in Washington D.C. and discussed Korea-U.S. trade issues including the bilateral FTA. date2025-01-13

Minister Ahn meets U.S. Senator Raphael Warnock

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Raphael Warnock on January 8 (local time) in Washington D.C. to discuss stronger bilateral trade, industrial, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Senator Tommy Tuberville

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Tommy Tuberville on January 8 (local time) in Washington D.C. to discuss stronger bilateral trade, industrial, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Senator Todd Young

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Senator Todd Young on January 8 (local time) in Washington D.C. to discuss stronger bilateral trade, industrial, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Representative Michelle Fischbach

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Representative Michelle Fischbach on January 8 (local time) in Washington D.C. to discuss stronger bilateral industrial, trade, and energy cooperation. date2025-01-13

Minister Ahn meets U.S. Representative Carol Miller

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met U.S. Representative Carol Miller on January 8 (local time) in Washington D.C. to discuss stronger bilateral industrial, trade, and energy cooperation. date2025-01-13

Minister Ahn discusses strengthening U.S.-Korea cooperation on industry, energy, and trade with U.S. federal and state governments

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited the state of Georgia and Washington, D.C. on January 6 to January 9. During his visit, he held meetings with the U.S. Secretary of Energy, the U.S. Trade Representative (USTR), the Governor of Georgia, state legislators, federal senators and representatives, leading think tanks, and other stakeholders. Additionally, Minister Ahn participated in a roundtable discussion with Korean companies operating in Georgia. During his meetings with members of the U.S. Senate Committee on Finance and House Committee on Ways and Means, which oversee trade and taxation matters, Minister Ahn emphasized the strengthened supply chain connections between the two countries, driven by investments made by Korean companies in the United States. He urged U.S. legislators to continue fostering a favorable environment for Korean companies. In a separate meeting with Senator Todd Young, co-sponsor of the "SHIPS for America Act," a bill aimed at strengthening the U.S. shipbuilding industry, Minister Ahn discussed the ongoing collaboration in formulating policies and legislation to revitalize the U.S. shipbuilding sector. Furthermore, in discussions with legislators representing states such as Georgia, Tennessee, and Alabama—key hubs for Korean investment in the U.S.—he sought active support and attention to ensure the smooth and stable implementation of Korean investment projects in these regions. Minister Ahn also held bilateral meetings with U.S. Secretary of Energy Jennifer Granholm and USTR Ambassador Katherine Tai, respectively. In these meetings, he reviewed the achievements derived from the mutually beneficial cooperation between the two governments and highlighted the need for continued collaboration in the industrial, energy, and trade sectors under the new U.S. administration. Minister Ahn stated, "This visit provided an opportunity to actively highlight the activities of Korean investors to U.S. federal and state governments as well as legislators, while reaffirming the strength of the Korea-U.S. relationship, regardless of the evolving political landscape in both countries." He added, "We will closely monitor the policies introduced by the new U.S. administration and continue to strengthen U.S.-Korea cooperation to ensure that Korean investments and business operations in the U.S. remain stable amid the changing global environment." date2025-01-10