On July 1st, data released by the South Korean Ministry of Industry, Trade and Energy showed that South Korea's exports in June increased by a staggering 70.9% year-on-year, reaching $102.25 billion. Yonhap reported that this marked the first time in a single month that South Korea's exports exceeded $100 billion, making it the fourth country in the world to achieve this milestone after Germany, China, and the United States.
In addition, South Korea's imports increased by 30.1% in June, reaching $6.61 billion. The trade balance was a surplus of $3.615 billion, and the monthly trade surplus exceeded $3 billion for the first time.
According to an analysis by the South Korean newspaper《Chosun Ilbo》, the key factor driving exports above $100 billion is semiconductors. The export of semiconductors increased by 199.5% year-on-year, reaching $44.82 billion, and surpassed the monthly threshold of $40 billion for the first time. With the expansion of investments in artificial intelligence servers, there has been a surge in memory demand. Coupled with rising fixed costs, this has contributed to the growth of exports. Driven by an increasing demand for solid-state drives, computer exports increased by 308.8%, reaching $5.41 billion.
Meanwhile, South Korea's car exports increased by 5.8% in June, reaching $6.71 billion, thanks to stable component supplies and increased production. In the case of ships, exports increased by 12.9% due to an increase in the proportion of high-value-added ships such as LNG ships. Oil products exports increased by 49.8% due to higher export prices caused by rising international oil prices, but the volume of exports decreased by 7%.
According to reports, South Korea's exports to China and the US both exceeded $20 billion in June. Exports to China, centered on semiconductors, increased by 92.1% to reach $20.3 billion. Exports to the US, due to strong performance in semiconductors, computers, and cosmetics, increased by 78.6% to reach $20.2 billion. Exports to ASEAN also reached $18.3 billion, setting a monthly record.
Looking at the overall situation in the first half of this year, South Korea's exports reached 496.7 billion US dollars, a 48.4% increase from the same period last year, setting a new record. In particular, semiconductor exports reached 192.4 billion US dollars, surpassing the annual figure of 173.4 billion US dollars from last year. The trade surplus for the first half of the year also reached 138.3 billion US dollars, setting a historical record.
South Korea's Minister of Industry, Trade, and Resources, Kim Jae-wang, said: "Despite difficulties such as increased tariffs from the United States, conflicts in the Middle East, and the spread of protectionism, the expansion of AI investment has led to a booming semiconductor market. Both leading and promising products have performed well, resulting in the highest export figures ever recorded in the first half of the year. In the second half of the year, we will also make every effort to address uncertainties such as tariff and oil price fluctuations, creating a favorable export environment."
