South Korea's July exports hit record second-highest at $98.8 billion

South Korea's export performance in July continued its record-breaking trend, with total exports reaching $98.8 billion. This figure represents a substantial 62.8% increase compared to the same month last year and stands as the second-highest monthly export total ever recorded. The strong showing follows a historic milestone in June, when exports first surpassed $100 billion.

The robust performance was largely propelled by the booming semiconductor industry. Semiconductor exports in July amounted to $41.01 billion, marking the second-highest monthly total for the sector. The Ministry of Trade, Industry and Energy attributed this sustained high performance to rising fixed prices, despite factors like Apple's potential use of Chinese memory chips and the announcement of new AI models by Chinese companies.

Beyond semiconductors, the export landscape showed broad-based growth. Of the 20 major export items, 19 experienced an increase. Computer exports surged by 404% to $4.79 billion, driven by increased investment in AI infrastructure by major tech companies. Other sectors, including automobiles, petroleum and chemical products, materials, machinery, and consumer goods, also saw their export values rise.

Geographically, South Korea's export growth was widespread, with increases recorded in 8 out of 9 major trading regions. China remained the largest export market, with shipments totaling $21.68 billion for the second consecutive month, exceeding $20 billion. The country's imports also rose by 26.5% year-on-year to $68.56 billion, resulting in a trade surplus of $30.32 billion for July, the second consecutive month with a surplus exceeding $30 billion.