South Korea Q1 Exports Surge 37.8% to $219.9 Billion Led by Semiconductors

South Korea recorded its fastest single-quarter export growth in the first quarter of 2024. Total exports reached 219.9 billion US dollars, representing a year-over-year increase of 37.8 percent. This surge was primarily driven by the semiconductor industry, which became the absolute leader in national exports.

DRAM exports grow 249.1 percent to 35.79 billion US dollars

Semiconductor exports surged 139 percent year-over-year to reach 78.5 billion US dollars. DRAM exports grew by 249.1 percent to 35.79 billion US dollars. NAND Flash exports experienced an even steeper rise, climbing 377.5 percent to 5.39 billion US dollars. Samsung and SK Hynix dominate this market, holding 70 percent of the global DRAM share and 50 percent of the global NAND share.

The financial performance of the two major chipmakers reflects this market dominance. Samsung projects an annual profit exceeding 1.1 trillion RMB for the current year. This projection suggests the company will surpass the annual profits of major US technology giants like Google and Apple. The combined projected profit for Samsung and SK Hynix reaches 2 trillion RMB.

This economic boom has significantly impacted the broader Korean market. The KOSPI stock index rose from below 2500 points last year to approximately 7400 points. This represents a tripling of the index value in just one year. The rapid growth in memory and storage prices has become a central factor in the nation's economic trajectory.