South Korea’s Exports Get off to Strong Start in 2024

South Korea’s exports got off to a strong start this year, with shipment growth accelerating in January amid solid demand for semiconductors and other Korean goods overseas.

Exports from Asia’s fourth-largest economy rose 18.0% from a year earlier to $54.69 billion in January, following a revised 5.0% gain in December, according to preliminary data released by the trade ministry on Thursday. A higher number of work days during the first month of 2024 also helped drive growth.

January’s result marked a fourth consecutive month of expansion in exports for South Korea—the latest of a series of signs pointing to a recovery in global trade.

Shipments grew at a stronger-than-expected pace, handily beating the median forecast from 11 economists polled by The Wall Street Journal for a 16.8% rise.

Imports fell 7.8% from a year earlier to $54.39 billion in January, resulting in a monthly trade surplus of $300 million.

Having additional work days in January due to shifting dates for the Lunar New Year holidays could make the trade data look stronger than it did in the same month last year, but exports of computer chips, cars and other Korean goods still largely remained strong.

Semiconductor shipments jumped 56% from a year earlier in January, extending gains to a third straight month.

Exports to the U.S. rose 27% year-over-year to $10.2 billion to mark a sixth straight month of gains, but the U.S. returned to being South Korea’s second-largest trading partner after having briefly replaced China as the No. 1 partner in December.

Shipments to China rose 16% year-over-year in January, ending a 19-month steak of monthly declines and reaching $10.7 billion.

Trade officials in Seoul expect South Korea’s exports to recover in 2024 after shrinking 7.4% in 2023.

Write to Kwanwoo Jun at Kwanwoo.Jun@wsj.com