Exports to US reached $11.3 billion last month, surpassing China in 20 years

After a span of 20 years, the U.S. has once again become Korea's largest export destination. Exports to the U.S. have steadily increased for five consecutive months, surpassing 11 billion U.S. dollars for the first time. Conversely, exports to China experienced a decline, leading to a trade balance deficit with China for the first time in 31 years last year.

According to the “December and Annual Import and Export Trends” released by the Ministry of Trade, Industry, and Energy on Monday, exports to the U.S. in December last year reached 11.29 billion dollars, marking a 20.8% increase from the previous year and surpassing exports to China (USD 10.87 billion). This marks the first time in 20 and a half years, since June 2003, that exports to the U.S. have exceeded those to China.

Exports to the U.S. have sustained double-digit growth for three consecutive months, attributed to heightened shipments of automobiles and general machinery. After October’s year-over-year growth of 17.2%, there has been notable growth, with a 24.7% surge in November and a further 20.8% rise in December. In November, exports to the U.S. reached 10.95 billion dollars, marking the highest monthly performance on record and establishing a new peak within a single month.


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