Last year, exports from large corporations increased by 11% compared to the previous year, but exports from medium-sized corporations decreased. The trade concentration of the top 10 exporting corporations was 36.6%, the second-highest level ever recorded.
According to trade statistics by corporation characteristics released by the Statistics Korea on 12th, last year's total exports amounted to $683.7 billion, marking an 8.1% increase from the previous year. Imports totaled $632.1 billion, a 1.6% decrease.
By corporation size, last year, the export amount from large corporations was 383.7 billion won, an increase of 11.6% compared to the previous year. While exports of automobiles and petrochemical products decreased, semiconductor exports led the overall export increase. Exports from small and medium-sized corporations reached 138.1 billion won, up 4.7%. Exports in consumer goods and capital goods increased.
In contrast, exports from medium-sized corporations were 102.6 billion won, down 0.7%. The export of chemical products decreased due to domestic production of petrochemical products in the Middle East, and the influx of cheap Chinese steel products led to a decline in steel and metal exports.
Looking at exports by industry, the manufacturing sector saw a 10.2% increase in electronics exports. The wholesale and retail sector (-1.8%) and other industries (-3.4%) experienced decreases in exports compared to the previous year.
Examining exports by product characteristics, last year, capital goods exports increased by approximately 17.9%. This was attributed to increases in exports of semiconductors, information devices, other transport equipment, and precision machinery. In contrast, raw materials (-3.1%) saw a decrease in exports. While exports from plant-based materials, including rubber, increased, exports from mining products and chemical industry products decreased.
The trade concentration of large corporations rose. In 2024, the trade concentration of the top 10 exporting corporations was 36.6%, up 3.7 percentage points from the previous year. This is the second-highest level following 2018 (37.8%). Despite sluggish exports in automobiles and petrochemical products, the increase in semiconductor exports indicates that the export share of Samsung Electronics and SK hynix has expanded.
The trade concentration of the top 100 corporations increased to 66.5%, rising by 1.8 percentage points. This is the highest level in nine years since 2015. Although exports declined in wholesale and steel and metal products compared to the previous year, they increased in electronic communications and transport equipment.