South Korea's cumulative exports this year have already surpassed the country's full-year record set in 2025, President Lee Jae Myung announced on Saturday, citing a report from the nation's customs chief.

In a post on X, formerly Twitter, titled "A report from Korea Customs Service Commissioner Lee Jong-wook," the president shared the figures showing that cumulative exports had reached $709.4 billion as of 1 p.m. Saturday, exceeding the previous annual record of $709.3 billion set in 2025.

"Despite the uncertain trade environment, including growing protectionism, the restructuring of global supply chains and the situation in the Middle East, our exports continue to show remarkable growth," the agency chief said in the report.

The commissioner added that the milestone could grow substantially larger by year-end. "If the current trend of solid exports continues, annual exports are expected to reach $1 trillion around early December," he said, noting that the United States, China and Germany have so far recorded annual exports of $1 trillion or more. Joining that group would place South Korea among the world's largest exporting nations by annual value, a threshold few economies have reached.

Semiconductors have been the standout driver of the export boom. During the first eight months of this year, semiconductor exports rose 169.6 percent from a year earlier, according to government data. Exports of other major products, including computer peripherals, petroleum products, wireless communication devices and ships, also grew markedly over the same period. The chip surge reflects South Korea's position as one of the world's leading memory semiconductor producers, a sector that has seen strong demand as data centers and AI infrastructure buildouts accelerate globally.

The strong trade performance has also lifted the broader economic outlook. The Bank of Korea has raised its 2026 growth forecast for South Korea to 3.3 percent, citing strong chip exports driven by steady demand for artificial intelligence (AI)-related infrastructure.

Trade has long been the backbone of the South Korean economy, with exports of goods ranging from semiconductors and automobiles to petrochemicals and ships accounting for a substantial share of gross domestic product. As a country with limited natural resources, South Korea has historically relied on overseas sales of manufactured goods to drive growth, making export milestones closely watched indicators of economic health. The monthly customs releases tracked by the Korea Customs Service are therefore among the most closely followed data points for gauging the country's economic momentum, and the prospect of a $1 trillion year is likely to keep trade figures in focus through December.

Source: The Korea Times