Goldman Sachs South Korea Tech: January 2026 Export Tracker - Exponential Memory Export Growth Driven by Strong Pricing and Server Demand
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Goldman Sachs released its January 2026 South Korea tech export tracker, highlighting robust trends across key technology products based on MOTIE and TRASS data. Memory exports led the pack with a 154% year-over-year surge, accelerating from December's 64% growth. This growth was primarily driven by rising memory prices and robust server-related demand.
The breakdown reveals DRAM exports increased 167% year-over-year, NAND chips soared 366%, and SSDs grew 114%. Using epoxy resin and plastic film import data as proxy indicators for high-bandwidth memory (HBM) shipments, the report notes SK Hynix's HBM production bases saw a 14% year-over-year increase in Japanese epoxy resin imports in December, while Samsung Electronics' bases recorded an 11% increase in plastic film imports. Consequently, Goldman Sachs projects SK Hynix's 1Q26 revenue to grow 178% and Samsung's memory revenue to surge 233%.
Beyond memory, MLCC exports grew 16% for the eighth consecutive month of double-digit gains. Display panel exports rose 26%, marking the first double-digit expansion in 19 quarters, while lithium-ion battery exports declined 2%.
Goldman Sachs maintains Buy ratings on SK Hynix with a KRW 1,200,000 target, Samsung Electronics with a KRW 205,000 target, and Samsung Electro-Mechanics with a KRW 330,000 target. LG Display is rated Neutral with a KRW 13,200 target.