South Korea's July exports hit record high, driven by semiconductor surge

South Korea's exports hit a record high for the July 1-20 period, reaching $54.9 billion, marking a significant 52.3% increase compared to the same period last year. This surge was primarily propelled by a dramatic rise in semiconductor exports.

Semiconductor exports alone jumped 180.6% year-on-year, totaling $22.1 billion. This performance not only led the overall export growth but also increased semiconductors' share of total exports to 40.3%, up from 18.4% in the previous year. Other sectors also saw export increases, including petroleum products (33.4%) and computer peripherals (231.9%). However, exports of passenger cars saw a decline of 10.6%.

Exports to major trading partners showed strong growth. Shipments to China increased by 94.1%, the United States by 39.6%, Vietnam by 82.4%, the European Union by 30.3%, and Taiwan by 41.8%. Combined, these top three destinations accounted for 51.9% of South Korea's total exports during this period.

On the import side, the total value reached $42.7 billion, a 20.0% increase from the previous year. Key import categories that grew include semiconductors ($54.9% increase), crude oil (27.5%), semiconductor manufacturing equipment (56.9%), and gas (27.9%). Imports from China rose by 21.8%, the US by 17.1%, the EU by 9.7%, Japan by 14.6%, and Taiwan by 45.7%.

With exports significantly outpacing imports, South Korea recorded a trade surplus of $12.2 billion for the first 20 days of July.