South Korean: 2024 saw a 20.6% increase in company profits due to AI-led semiconductor exports

South Korean: According to official statistics released on Tuesday, South Korean firms’ revenues grew by 20% year over year in 2024 due to higher semiconductor exports.

According to statistics gathered by the Ministry of statistics and Statistics, the total before-tax net profit of South Korean businesses was 181.9 trillion won (US$123.9 billion) last year, up 20.6% from the 150.8 trillion won totaled in 2023.

According to this pattern, South Korean businesses have been spending more on research and development (R&D), with associated costs increasing 21.4% year over year to 97 trillion won.

The total revenues of the examined companies increased by 5.2% to 3,371.1 trillion won this year.

Meanwhile, the statistics revealed that 60.3% of the companies surveyed, or 6,009 out of 14,922, had both domestic and foreign subsidiaries.

The United States came in second with 16.4% and Vietnam third with 11.8%, while China had the greatest proportion per nation at 21.9%.

54.9% of the 401 businesses that ventured into new markets in 2024 were in the manufacturing sector.