Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on February 1 that Korea’s exports for the month of January declined 10.3 percent year-on-year to USD 49.1 billion. Imports dropped 6.4 percent to $51.0 billion and the trade balance stood at a deficit of $1.9 billion.

January exports were impacted by the long Seollal holidays (January 25–30) as the number of working days (20) decreased by four days compared to that of January 2024 (24), temporarily slowing down exports. The average daily export value, considering the impact from the lower number of working days, increased 7.7 percent to $2.5 billion, the second highest in history following the all-time high $2.5 billion of January 2022.

The majority of items suffered from the reduced number of working days in January, but the average daily export value advanced for 10 items. 

Semiconductors (up 8.1 percent to $10.1 billion) recorded their second highest exports for the month of January, maintaining the upward trajectory for the 15th consecutive month and entering the $10 billion thresholds for the ninth consecutive month. Computer exports posted double-digit growth (up 14.8 percent to $0.8 billion), growing for the 13th consecutive month.

Exports of automobiles (down 19.6 percent to $5.0 billion) and car parts (down 17.2 percent to $1.6 billion) were more heavily affected in comparison to other industries, owing to automakers’ relatively longer Seollal holiday period (January 25–31). For petroleum products (down 29.8 percent to $3.4 billion), fires at major production facilities in December 2024 were a cause for setback in shipments, fueled by the fall in international petroleum product prices in comparison with those of January 2024.

Exports to most destinations declined, the drop in China-bound exports (down 14.1 percent to $9.2 billion) attributed to the Spring Festival holidays (January 28–February 4). Exports to the U.S. also sank 9.4 percent to $9.3 billion as those of automobiles and general machinery contracted. Exports to ASEAN (down 2.1 percent to $8.6 billion) inched down but those to Vietnam (up 4.0 percent to $4.4 billion) showed strong growth on the backs of semiconductor exports, rising for the 13th consecutive month.