According to the Ministry of Trade, Industry and Energy, June exports totaled $102.25 billion, a 70.9% increase compared to the same month last year. This marks the first time monthly exports have exceeded $100 billion. South Korea joins Germany, China, and the United States as the only countries to achieve this milestone.
Exports had already surpassed $80 billion for the first time from March to May this year. With June's figures, the monthly record has been reset. The average daily export amount for June, considering the number of working days, was $4.54 billion, marking the highest performance for two consecutive months.
At the heart of this export boom is the semiconductor sector. In June, semiconductor exports soared by 199.5% year-on-year to $44.82 billion, surpassing the $40 billion mark for the first time. The demand for servers and enterprise SSDs has also driven computer exports up by 308.8% to $5.41 billion. Additionally, steel exports increased by 9.6% to $2.14 billion, supported by a rise in construction materials due to data center expansions.
Kang Gam-chan, head of the Trade and Investment Promotion Division at the Ministry of Trade, noted, "The primary reason for achieving $100 billion in June exports is the semiconductor sector, but other key products also performed well. Exports of automobiles, general machinery, and steel have turned positive, and even petroleum products and petrochemicals, which were a concern, saw significant increases due to rising export prices."
He added, "Eight out of the top 20 export items recorded all-time highs. Many products are performing exceptionally well."
For the first half of the year, cumulative exports reached $496.7 billion, a 48.4% increase compared to the same period last year. This is also the highest figure for the same timeframe, contributing to forecasts that annual exports could exceed $1 trillion. To achieve this, South Korea needs to export $503.3 billion in the second half, averaging about $83.9 billion per month.
The potential for South Korea to become a top five exporter is increasing. According to the World Trade Organization (WTO), South Korea ranked fifth in global exports from January to April, following China, the United States, Germany, and the Netherlands.
The government is optimistic about these developments. Kang stated, "Last month, I mentioned that achieving $1 trillion was not impossible, and now it is increasingly looking like a possibility. I expect semiconductor prices to continue to rise in the second half."
In June, imports rose by 30.1% to $66.1 billion, resulting in a trade surplus of $36.15 billion. This marks the 17th consecutive month of surplus, with the monthly trade surplus exceeding $30 billion for the first time. The cumulative trade surplus for the first half of the year reached $13.83 billion, an increase of $11.09 billion compared to the same period last year, surpassing the previous record annual trade surplus of $9.52 billion set in 2017.
* This article has been translated by AI.
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