January semiconductor exports $10.82 billion
Up 24.2% compared to the same month last year, 19 consecutive months of growth

Semiconductors, one of the top three export items, recorded over $10 billion for the first time in January history, contributing to double-digit export growth.

The Ministry of Trade, Industry and Energy announced the import and export trends for January 2022 on the 1st. According to this, despite difficult external conditions such as the spread of Omicron and supply chain bottlenecks, exports surpassed $50 billion for the first time in January, achieving the highest figure ever for January.

Exports in January amounted to $55.3 billion, up 15.2% from last year, continuing a growth trend for 15 consecutive months.

Of these, semiconductor exports in January amounted to $10.82 billion, marking 19 consecutive months of growth and driving the increase in January exports. This represents a 24.2% increase compared to the same month last year.

It is particularly significant that exports surpassed $10 billion for the first time in history, despite January being a seasonal off-peak period for semiconductor exports.

Exports of system semiconductors in January amounted to $3.87 billion, a 33% increase compared to the same month last year, showing a notable growth trend.

In terms of export growth rate to China, semiconductors showed a high growth trend with 39.7%.

Despite record-high export volume in January, the trade balance recorded a deficit of $4.89 billion.

The Ministry of Trade, Industry and Energy cited seasonal factors, such as soaring energy prices and high energy demand during the winter, as the reason for the deficit.

Furthermore, it was stated that increased demand due to economic recovery and increased imports resulting from soaring energy prices are phenomena common across major countries, and that there are structural differences compared to the past financial crisis or the COVID-19 crisis.

Minister of Trade, Industry and Energy Moon Seung-wook assessed January 2022, stating, “We have successfully taken an important first step this year, showing even export performance across most key industries, new industries, and major markets.”