South Korea's July exports soar 62.8% to record $98.89 billion, led by semiconductors

South Korea's exports experienced a dramatic surge in July, increasing by 62.8% compared to the previous year to reach $98.89 billion. This figure represents the highest monthly export total on record and marks the 14th consecutive month of exceeding the previous year's record for the same month.

The robust performance was largely propelled by a significant rebound in semiconductor exports. For the second month in a row, semiconductor shipments surpassed $40 billion, growing by an impressive 178.8% year-on-year to reach $41.01 billion. Exports of other goods also saw a healthy increase of 26%.

Imports rose by 26.5% to $68.56 billion during the same period. This strong export performance resulted in a substantial trade surplus of $30.32 billion for July. Cumulatively, South Korea's trade surplus has reached $168 billion this year, a significant increase compared to the same period last year.