South Korea's Monthly Exports Top $100 Billion for First Time

South Korea's exports exceeded $100 billion for the first time in June, reaching $102.25 billion. South Korea has become the fourth country globally to hit the $100 billion monthly export mark, following Germany, China, and the United States.

This export performance was particularly driven by semiconductors, with June semiconductor exports soaring by nearly 200% year-on-year to $44.82 billion, leading the overall increase in exports. In addition to semiconductors, exports also showed growth in various other items, including computers, wireless communication devices, ships, petroleum products, petrochemicals, steel, and non-ferrous metals.

Fueled by this robust export performance, the trade balance in June recorded a surplus of $36.15 billion, surpassing $30 billion monthly for the first time in history. Exports for the first half of the year reached $496.7 billion, marking a record high, while first-half semiconductor exports hit $192.4 billion, exceeding the total annual record from the previous year. This surge is attributed to increased memory prices driven by expanded global investment in AI servers.

According to the Ministry of Trade, Industry and Energy, the minister evaluated that the record-high performance was achieved due to the strong semiconductor sector benefiting from increased investment in AI servers, coupled with steady performance from existing key products and promising consumer goods.

Imports in June were recorded at $66.1 billion, a 30.1% increase. Energy imports rose by 45.1% to $12.51 billion, while imports of non-energy items increased by 27%. The cumulative trade surplus for January-June stood at $138.3 billion, an increase of $110.9 billion compared to the same period last year.