South Korea's July Exports Hit Record High on Semiconductor Boom

South Korea's export performance for the first 20 days of July has set a new record, driven by a remarkable surge in semiconductor shipments. Total exports reached $54.93 billion, marking a 52.3% increase compared to the same period last year. This robust performance also contributed to a trade surplus of $12.22 billion for the period, adding to the year-to-date surplus of $150 billion.

The semiconductor sector was the primary engine of this growth, with exports in this category skyrocketing by 180.6% year-on-year to $22.11 billion. This surge propelled semiconductors to represent 40.3% of South Korea's total exports, a significant increase from the previous year. Other sectors also showed positive momentum, including computer peripherals, which saw a 231.9% increase, followed by ships (70.8%), wireless communication equipment (65.9%), petroleum products (33.4%), and steel products (11.1%).

Exports to key global markets demonstrated broad-based improvement. Shipments to China increased by 94.1%, the United States by 39.6%, and Vietnam by 82.4%. The European Union, Hong Kong, and Malaysia also recorded substantial export growth. This widespread positive trend across various regions underscores the strong demand for South Korean goods and the recovery of global trade.