South Korea is poised to surpass $700 billion in exports in 2025, marking the highest total in the nation’s history and a milestone for a trade-dependent economy. But let’s not be so fast with cheers.

To be sure, these export figures reflect competitiveness in key global industries and resilience in the face of US tariffs, robust Chinese competition, supply chain fragmentation, and geopolitical uncertainty. Korea remains a world leader in semiconductors, automobiles, shipbuilding, and electronics, and these sectors continue to drive demand abroad.

But at the same time, the export headline obscures some challenges. First, Korea’s growth model remains overly dependent on a narrow set of export industries.

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