South Korea's Q2 exports surge to record high, led by semiconductors

South Korea's exports reached an all-time high in the second quarter, soaring 57.3% year-on-year to $275.5 billion, driven significantly by a boom in semiconductor exports. This surge marks the highest export value and growth rate ever recorded for a single quarter.

Large corporations were the primary engine of this growth, with their exports increasing by a remarkable 81.8% to $206 billion. This figure not only surpassed the previous quarter's growth rate but also marked the first time large companies' exports exceeded the $200 billion mark. Capital goods, including semiconductors, accounted for 75% of these large corporate exports, growing by an impressive 124.5% to $155 billion compared to the same period last year.

Mid-sized and small companies also saw export growth, with increases of 10.9% and 13.1%, respectively. Mid-sized firms benefited from increased exports in minerals and semiconductors, while small businesses saw gains in areas like precision machinery and cosmetics. The manufacturing sector, particularly industries involving semiconductors, contributed heavily to the overall export performance, with a 64.9% increase.

This export concentration among major players is highlighted by the fact that the top 10 exporting companies now account for 55.3% of South Korea's total exports, the highest proportion since statistics began in 2010. The top 100 companies' share also grew to 76.3%. While exports to the US, China, and Southeast Asia saw significant increases, exports to the Middle East decreased by 14.0%, likely influenced by regional conflicts.