Exports to the Association of Southeast Asian Nations rose 12 percent from a year earlier to a record $10.89 billion, the trade ministry said Thursday. It was the third consecutive month of growth to the bloc, which has become an increasingly vital market for Korean manufacturers.
For the second month in a row, exports to ASEAN outpaced those to the United States, a shift last seen in late 2023. U.S.-bound shipments tumbled 12 percent, the sharpest fall this year, while exports to China slipped 2.9 percent.
Semiconductors led the rebound in Southeast Asia, with sales up 47 percent to $2.7 billion, fueled by investments in artificial intelligence and data centers.
Shipments of vessels soared nearly 360 percent, while oil products rose 16 percent and petrochemicals 13 percent, though pricing pressure from Chinese competitors tempered gains.
South Korean conglomerates are also deepening their footprint in the region.
Hyundai Motor and steelmaker POSCO are building new factories and export hubs in Malaysia, Indonesia and Vietnam, underscoring ASEAN’s growing role in Korea’s global supply chain strategy.
Economists say the region could soon eclipse both the United States and China as South Korea’s most dynamic export market, driven by its young demographics, expanding middle class and rapid digital transformation.
Still, risks loom. Chinese imports to five major ASEAN economies grew 6 percent between 2021 and 2024, compared with just 0.1 percent for Korean goods, according to a recent trade agency report.
And much of Korea’s export strength remains tied to semiconductors, many of which are shipped to Vietnam for packaging and testing before being re-exported to the United States — a structure that leaves Korean trade exposed to geopolitical tensions.
reporter
Kim Dong-young
davekim0807@ajupress.com
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