Korea Semiconductor Export Statistics
Semiconductor exports are up — but did Korea sell more chips, or did prices rise? We split won-denominated export growth into volume, dollar price and exchange rate using Bank of Korea trade indices, and look at DRAM, HBM and flash separately with customs data.
The three effects multiply: (1+volume)×(1+dollar price)×(1+FX) = (1+KRW exports). FX is positive when the monthly average KRW/USD rate rises (weaker won).
In May 2025, Korea's semiconductor exports in won terms rose 23.8% from a year earlier. Shipped volume changed by +28.8%, the dollar price by -5.9% and the exchange-rate effect by +2.1%, so most of the change came from volume. By product group, discrete devices, chipmaking equipment were price-led, while all semiconductors, integrated circuits were volume-led. Korea Customs' flash data for May 2025 show DRAM exports of $2.2B (+27.0% YoY) and HBM-type multi-chip memory of $4.0B (+48.5%), with 32% of memory exports going to China.
① Monthly volume trend — volume index by product group (Bank of Korea)
The trend in real export volumes, with price changes removed. Switch to the dollar price or dollar value index to compare, and choose '3-month average' to smooth out calendar effects and see the trend more clearly.
The 3-month average semiconductor volume index is 188.1 (2020 = 100), +22.2% versus the same period a year ago; the dollar price index changed by -5.0% over the same span.
Levels are indices (2020 average = 100). Dollar price index = value index ÷ volume index × 100. MoM can swing by more than ±10% because of calendar effects such as working days and quarter-end shipments (data are not seasonally adjusted). Use YoY for the trend.
② All semiconductors — volume, dollar price and FX (Bank of Korea)
Bars show how much each effect contributed to year-over-year KRW export growth; the line is the total. On a log scale the three bars add up exactly to the line. Hover to see actual growth rates (%).
| Month | Exports in KRW | Volume | Dollar price | KRW/USD (avg) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Level | YoY | MoM | Level | YoY | MoM | Level | YoY | MoM | Level | YoY | MoM | |
| May 2025 | 195.1 | +23.8% | +15.1% | 198.6 | +28.8% | +16.9% | 83.1 | -5.9% | +2.0% | 1,394.5 | +2.1% | -3.4% |
| Apr 2025 | 169.5 | +23.8% | -11.9% | 169.9 | +26.5% | -13.2% | 81.5 | -7.3% | +2.5% | 1,444.3 | +5.6% | -0.9% |
| Mar 2025 | 192.3 | +21.7% | +37.4% | 195.9 | +13.0% | +34.6% | 79.5 | -1.6% | +1.3% | 1,457.0 | +9.5% | +0.8% |
| Feb 2025 | 139.9 | +4.2% | -5.7% | 145.6 | -5.2% | -3.0% | 78.5 | +1.2% | -2.1% | 1,445.6 | +8.5% | -0.7% |
| Jan 2025 | 148.4 | +17.2% | -29.5% | 150.1 | +1.3% | -28.3% | 80.2 | +5.2% | -3.1% | 1,455.8 | +10.0% | +1.5% |
| Dec 2024 | 210.4 | +43.7% | +20.0% | 209.3 | +10.3% | +18.9% | 82.7 | +18.4% | -2.0% | 1,434.4 | +10.0% | +2.9% |
| Nov 2024 | 175.3 | +38.1% | +2.0% | 175.9 | +4.2% | +1.4% | 84.4 | +24.7% | -1.8% | 1,393.4 | +6.3% | +2.4% |
| Oct 2024 | 171.9 | +40.2% | -6.4% | 173.5 | +5.4% | -4.7% | 86.0 | +32.0% | -3.7% | 1,361.0 | +0.8% | +2.0% |
| Sep 2024 | 183.7 | +36.3% | +13.9% | 182.0 | -8.2% | +17.0% | 89.2 | +47.8% | -1.2% | 1,334.8 | +0.4% | -1.4% |
| Aug 2024 | 161.3 | +40.2% | +3.2% | 155.6 | -9.0% | +5.8% | 90.3 | +50.0% | -0.4% | 1,354.2 | +2.7% | -2.1% |
| Jul 2024 | 156.3 | +59.0% | -17.0% | 147.0 | -1.6% | -20.0% | 90.7 | +50.2% | +3.5% | 1,383.4 | +7.5% | +0.2% |
| Jun 2024 | 188.3 | +60.0% | +19.6% | 183.8 | +4.1% | +19.2% | 87.6 | +44.5% | -0.8% | 1,380.1 | +6.4% | +1.1% |
Level: KRW exports, volume and dollar price are indices (2020 average = 100); KRW/USD is the monthly average rate. KRW export index = dollar value index × (KRW/USD ÷ 2020 average rate); dollar price index = value index ÷ volume index × 100.
MoM can swing by more than ±10% because of calendar effects such as working days and quarter-end shipments (data are not seasonally adjusted). Use YoY for the trend.
③ By product group — what drove exports? (Bank of Korea)
The same method applied to each product group, in dollars (no FX effect). Whichever of volume or price moved more is marked as the driver. · May 2025
| Group | Exports (USD) | Volume | Dollar price | Driver | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Level | YoY | MoM | Level | YoY | MoM | Level | YoY | MoM | ||
| All semiconductors | 165.1 | +21.3% | +19.2% | 198.6 | +28.8% | +16.9% | 83.1 | -5.9% | +2.0% | Volume-led |
| Integrated circuits (memory, logic) | 170.0 | +21.9% | +20.1% | 209.7 | +29.5% | +17.3% | 81.1 | -5.9% | +2.3% | Volume-led |
| Discrete devices (transistors, diodes) | 70.9 | -1.3% | -11.0% | 75.5 | +5.5% | -8.2% | 93.9 | -6.4% | -3.0% | Price-led |
| Chipmaking equipment | 146.6 | -1.0% | -4.5% | 162.6 | +2.3% | -4.8% | 90.2 | -3.2% | +0.3% | Price-led |
Levels are indices (2020 average = 100). Dollar price index = value index ÷ volume index × 100.
④ Product flash — DRAM, HBM, flash (Korea Customs)
Korea Customs 10-digit product data, released ahead of the Bank of Korea figures. With no matching price index for each product, we split value into shipped weight and value per kg instead of volume and price. Value per kg mixes price increases and higher specs (more capacity per gram).
| Product | Exports ($B) | Weight (t) | Value per kg ($) | Share | BOK price index YoY | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Level | YoY | MoM | Level | YoY | MoM | Level | YoY | MoM | |||
| DRAMi | 2.24 | +27.0% | +6.7% | 160.1 | +40.1% | +19.5% | 14,021 | -9.3% | -10.7% | 19.4% | +1.8% |
| HBM etc. (multi-chip memory)i | 4.01 | +48.5% | +40.8% | 112.2 | +38.0% | +20.4% | 35,704 | +7.6% | +17.0% | 34.7% | |
| Flash memoryi | 0.56 | -18.1% | +30.4% | 42.2 | +0.6% | +27.7% | 13,310 | -18.7% | +2.1% | 4.9% | -29.3% |
| Memory MCOsi | 0.49 | -8.0% | +39.8% | 13.6 | +38.6% | +21.4% | 36,184 | -33.6% | +15.2% | 4.3% | |
| Processors & controllersi | 3.23 | +1.6% | +4.7% | 573.1 | +3.4% | -4.3% | 5,641 | -1.7% | +9.3% | 28.0% | |
| Other ICsi | 1.01 | +9.6% | +9.3% | 308.7 | -2.1% | +1.1% | 3,262 | +11.9% | +8.1% | 8.7% | |
| Total ICs | 11.54 | +18.0% | +18.5% | 1,209.9 | +8.4% | +2.9% | 9,541 | +8.9% | +15.1% | 100% | |
※ Korea Customs does not report HBM separately. Stacked memory such as HBM appears to be declared under HS 8542.32-3000 (multi-chip ICs), so we use this line as an HBM proxy.
BOK price index: same-month change in the DRAM / flash export price index (USD basis). When value per kg rises much faster than the price index, higher specs are doing much of the work.
MoM can swing by more than ±10% because of calendar effects such as working days and quarter-end shipments (data are not seasonally adjusted). Use YoY for the trend.
Monthly trend by product
Each product has its own chart so smaller items are visible too (y-axes differ). The default is weight — our measure of each product's volume trend. Bars are monthly values; the line is the 3-month average.
Over the last three months, shipped weight versus a year earlier: DRAM +32.7%, HBM-type +19.9%, flash +0.9%, processors & controllers +8.0%.
Top 10 memory export destinations
Based on HS 8542.32 (all memory). Much of what goes to Hong Kong is re-exported to mainland China and elsewhere. · May 2025
※ Customs records the country where the chips arrive, not the buyer's home country. Memory goes to the factories that assemble servers and phones, so most US big-tech demand shows up as exports to Taiwan (GPU and server assembly), China, Mexico and elsewhere.
| # | Destination | Exports | Share | YoY | MoM |
|---|---|---|---|---|---|
| 1 | CN | $2.35B | 32.0% | -2.2% | +4.7% |
| 2 | TW | $2.08B | 28.3% | +127.1% | +27.9% |
| 3 | HK | $1.25B | 17.0% | -10.1% | +37.2% |
| 4 | VN | $0.81B | 11.0% | +47.8% | +57.7% |
| 5 | MY | $0.35B | 4.8% | +1,964.5% | +392.2% |
| 6 | PH | $0.13B | 1.8% | -6.3% | +84.7% |
| 7 | IN | $0.11B | 1.5% | +22.7% | +17.3% |
| 8 | SG | $0.05B | 0.7% | +124.4% | +10.0% |
| 9 | JP | $0.05B | 0.7% | +19.9% | +28.9% |
| 10 | BR | $0.04B | 0.6% | +2.3% | +4.8% |
How it's calculated
The Bank of Korea export value index tracks exports in dollars, and the export volume index is that value deflated by export prices. So value index ÷ volume index gives the dollar price, and multiplying by the change in the monthly average KRW/USD rate gives the change in won-denominated exports.
Each month is compared with the same month a year earlier to remove seasonality. The chart uses log changes so the three effects add up; percentages in the tables are actual growth rates.
Customs figures sum HS 8542.31/32/33/39 (integrated circuits) at the 10-digit level across destinations. Product coverage differs slightly from the Bank of Korea 'integrated circuits' group, so growth rates can differ by a few points.
FAQ
How can I tell whether chip export growth comes from volume or price?
Look at the Bank of Korea's monthly semiconductor export volume index. It strips out price changes, so the gap between the value index and the volume index is the price effect. Tables ② and ③ on this page do exactly that.
Is there a separate HBM export statistic?
There is no official statistic for HBM alone. This page uses Korea Customs exports of HS 8542.32-3000 (multi-chip memory ICs) as an HBM proxy; other stacked memory products may be included.
Why use weight instead of volume for DRAM and HBM?
HBM has no official price index, and the DRAM price index does not fully reflect the actual export mix, so derived volumes were badly off. We therefore split value into the weight measured by customs and value per kg — numbers anyone can verify without modelling.
When is the data updated?
We check for new releases every day at 9:40 a.m. KST. Customs product data comes out before the Bank of Korea trade indices, so table ④ is often one month ahead of tables ② and ③.
This page reworks official statistics for information only and is not a recommendation to buy or sell any security.
