SK Group Expects Record Exports of 120 Trillion Won in 2024—SK Hynix Leads the Charge

(Seoul=Yonhap Infomax) Su Jin Yoo = SK Group is projected to achieve record-high exports of over 120 trillion won ($84.6 billion) this year, driven by robust semiconductor shipments, particularly high-bandwidth memory (HBM) from SK Hynix Inc., the world’s second-largest memory chipmaker.

As of the third quarter, SK Group’s cumulative export volume reached 87.8 trillion won ($61.9 billion), marking nearly 20% growth compared to the same period last year (73.7 trillion won, $52.0 billion).

If this growth momentum continues through the fourth quarter, the group expects full-year exports to surpass last year’s 102.5 trillion won ($72.3 billion), reaching the 120 trillion won range for the first time in its history.

SK Hynix remains the primary growth driver. The group anticipates that exports of high-value memory semiconductors, including HBM, will be pivotal in achieving over 100 trillion won in exports for a second consecutive year.

Last year, SK Hynix accounted for 54% (55.2 trillion won, $38.9 billion) of SK Group’s total exports. In the first three quarters of this year, its share rose to 65% (56.7 trillion won, $40.0 billion).

SK Hynix’s export performance has been significant enough to impact South Korea’s overall export figures, reinforcing its role as a “national growth engine.”

According to government data, South Korea’s total exports in the third quarter reached $185 billion—the highest since such statistics began in 2010. High-value memory products, including HBM, contributed $46.6 billion, leading the nation’s export growth.

SK Hynix’s strong business performance has also boosted national tax revenues. Corporate tax payments by SK Hynix in the first three quarters surged to 4.3 trillion won ($3.0 billion), a nearly 45-fold increase from 94 billion won ($66 million) in the same period last year.

Analysts attribute SK Group’s growing contribution to the national economy—through exports and tax payments—to Chairman Chey Tae-won’s ongoing efforts to improve business, financial, and governance structures.

Chairman Chey has accelerated business restructuring by identifying future growth engines and streamlining underperforming units, with a particular focus on turning around loss-making affiliates.

Since acquiring SK Hynix in 2012, SK Group has added semiconductors, artificial intelligence (AI), and bio to its energy and ICT-centered portfolio, marking a decisive strategic shift.

An SK Group official said, “Under Chairman Chey Tae-won’s leadership, SK Group continues to invest and hire in future growth sectors such as AI, semiconductors, energy, and bio, contributing to the national economy. We plan to invest 128 trillion won ($90.2 billion) domestically by 2028 and expand annual hiring to over 8,000 people.”

sjyoo@yna.co.kr

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