Exports

Exports’ Contribute 86% to Korea’s Total Economic Growth

Last year, Korea’s exports played a key role in the nation’s overall economic growth, contributing significantly to production, added value, and employment induction.
According to the Korea International Trade Association (KITA), the contribution of exports to Korea’s economic growth last year was 1.17%p, and it was analyzed that exports led to 86.1% of Korea’s economic growth rate (1.36%) in 2023. The share of exports in real gross domestic product (GDP) also reached 35.7%, the highest since the 2020s.
The production inducement amount of Korea’s exports is estimated to have increased by an annual average of 7.4% since 2020, reaching US$1.2 trillion last year. The production inducement ratio calculated as the production inducement amount compared to the total export amount in 2023 reached 1.94 times, the highest since 2020.

In particular, the production inducement amount of automobile exports was US$231.3 billion, up 21.7% from 2022, and the production inducement ratio was also 2.5 times, significantly exceeding the average (1.9 times).
The value-added rate, which indicates the extent to which total exports create domestic added value, was 64.6%, up 0.4%p from 2022. The top item in value-added inducement in Korea in 2022 was semiconductors, but last year, the added value inducement amount of automobiles (US$65.9 billion) exceeded that of semiconductors (US$62.2 billion).

 
 
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