South Korea posted its strongest first-quarter export performance on record this year, fueled by booming global demand for artificial intelligence semiconductors and high-performance memory chips.
According to data released by the Ministry of Trade, Industry and Energy, the country’s cumulative exports from January through March rose 37.8% from a year earlier to $219.9 billion, marking the highest quarterly export figure in the country’s history.
Imports also increased 10.9% to $169.4 billion during the same period, but the trade surplus widened sharply to $50.4 billion as export growth significantly outpaced import expansion.
Analysts say the latest figures indicate not only a cyclical rebound in trade, but also improving quality in South Korea’s export structure driven by advanced technology sectors.
Semiconductors accounted for the largest share of the export surge. Chip exports jumped 139% year-over-year to $78.5 billion, representing roughly one-third of total outbound shipments.
Memory semiconductors led the growth. DRAM exports surged 249.1% as prices climbed alongside rising demand for high-performance AI server memory. NAND flash products also recorded growth exceeding 300%, while system semiconductors continued to post double-digit gains.
The strong performance reflects rapidly expanding investment in AI infrastructure by major global technology companies, which has triggered a sharp increase in demand for advanced memory products such as high-bandwidth memory (HBM).
Industry officials increasingly view the current cycle as more than a temporary recovery. Instead, many analysts describe it as the beginning of a new semiconductor “supercycle” driven by AI computing demand.
Global supply constraints are also contributing to the market’s strength. Demand for AI memory products has been rising faster than manufacturing capacity can expand, creating persistent supply shortages that industry experts believe could continue into next year.
Not all export sectors moved in the same direction, however. Automobile exports showed mixed performance, with commercial vehicle shipments rising while passenger vehicle and van exports declined slightly overall.
New growth industries maintained relatively stable momentum. Bio-health exports continued to expand on strong pharmaceutical demand, while battery-related exports benefited from higher material prices and improving competitiveness. Some battery materials, including cathode materials, however, showed signs of temporary adjustment.
South Korea’s export diversification efforts also showed progress. Electrical equipment exports, including transformers and power cables, increased as global investment in power infrastructure accelerated. Nonferrous metals exports also rebounded alongside recovering industrial demand worldwide.
Consumer products remained another area of strength. K-beauty and K-food products continued to expand their overseas presence, recording near double-digit export growth rates.
The import structure also reflected changing industrial priorities. Energy-related imports declined due to stabilizing global commodity prices, while imports of semiconductor equipment and other capital goods increased, signaling growing investment in future production capacity.
South Korea’s improving export performance is also strengthening its standing in the global trade rankings. Based on World Trade Organization data, the country currently ranks fifth in global exports behind China, the United States, Germany and the Netherlands.
Market observers say South Korea now appears increasingly likely to surpass Japan in quarterly export rankings, highlighting what some analysts view as a broader structural shift in global manufacturing competitiveness.
