In 2023, the scale of our technology trade reached a record high of $38.6 billion (55.54 trillion won).
The Ministry of Science and ICT announced the results of the 2023 technology trade statistics on the 29th. The scale of South Korea's technology trade in 2023 recorded $38.6 billion, a 10.8% increase from the previous year. Technology exports increased by 16% to $17.648 billion, while technology imports rose by 6.7% to $20.952 billion, marking all-time high figures.
The technology trade balance ratio, which shows the proportion of technology exports to technology imports, rose to 0.84, an increase of 0.06 percentage points from the previous year.
By industry, the technology trade scale of the electrical and electronics industry accounted for the largest share at $14.375 billion. The information and communication industry fell to second place, with $12.491 billion. The machinery industry saw a 23.4% increase in technology trade scale, while the construction industry, though smaller in scale, had the highest technology trade balance ratio at 4.56.
In terms of type, the increase in technology exports for large enterprises was 23.9%, larger than the increase in technology imports (16.3%), leading to an improvement in the trade deficit. Small and medium-sized enterprises saw technology exports rise by 18.7%, while technology imports fell by 23.7%.
By country, the United States was both South Korea's largest technology exporter and importer. The country with the largest technology trade surplus was China.
Minister Yoo Sang-im noted, “The growth of the technology trade scale demonstrates that our country's global technological competitiveness is continuously improving,” and added, “We will continue to actively support the establishment of a global cooperation network with various countries and secure key technologies, including national strategic technologies, to facilitate technology transfer and commercialization, thereby building a growth ecosystem based on R&D outcomes.”