Outbound shipments jumped 62.8 percent from a year earlier to $98.89 billion in July, while imports rose 26.5 percent to $68.56 billion, according to the Ministry of Trade, Industry and Energy. The country posted a trade surplus of $30.32 billion, remaining above the $30 billion mark for the second straight month.
Semiconductor exports surged 179 percent on-year, while exports excluding chips rose 26 percent. Average daily exports, adjusted for working days, climbed 69.6 percent to $4.12 billion, staying above $4 billion for the third consecutive month.
All major information technology items posted gains. Semiconductor exports remained above $40 billion for the second straight month as memory chip prices continued to rise, despite concerns over Apple’s possible use of Chinese memory chips and China’s release of a new artificial intelligence model.
Computer exports also continued to grow at a high rate, led by enterprise solid-state drives amid expanding investment in AI infrastructure. Wireless communication devices performed strongly on robust sales of premium smartphones, including the Galaxy S26, despite pressure from higher chip prices. Display exports also increased.
Mobility exports extended their growth streak to six months, supported by strong sales of eco-friendly vehicles, including hybrid cars, and a base effect from changes in the timing of summer holidays at major automakers. Ship exports also increased on larger shipments of liquefied natural gas carriers and tankers.
Exports of petroleum products and petrochemicals increased in value terms, helped by higher prices, but shipment volumes declined amid continued tensions in the Middle East. Petroleum product export volume fell 8.8 percent, while petrochemical export volume dropped 9.1 percent as domestic supply was prioritized.
Steel exports increased for the second month in a row, supported by U.S. demand for AI data centers and oil pipeline replacement projects. The gain came despite the European Union’s tariff-rate quota system.
Biohealth products, cosmetics and agricultural and fisheries products all set July records. Biohealth exports rose on higher market shares for biosimilar products and increased supply volumes to Europe.
Cosmetics exports were supported by expanded offline distribution in the United States and Europe, while food exports were led by ramen, snacks and kimchi.
Exports to China jumped 96.2 percent to $21.68 billion, exceeding $20 billion for the second straight month. Strong shipments of semiconductors, nonferrous metals and petroleum products offset weakness in petrochemicals and general machinery.
Exports to the United States rose 68.7 percent to $17.43 billion. Semiconductor, computer, electrical equipment and steel exports increased on expanding AI data center investment, although automobile exports declined due in part to increased local production.
Shipments to ASEAN countries rose 73.7 percent to $18.8 billion, while exports to the European Union climbed 55.7 percent to $9.38 billion. Both marked record highs, led by major items including semiconductors, computers and ships.
Exports to the Middle East increased 24.7 percent to $1.83 billion on strong shipments of general machinery, petrochemicals and wireless communication devices. Exports to Japan, India and Latin America rose 11 percent, 45 percent and 26 percent, respectively, while shipments to the CIS fell 9 percent.
Imports rose 26.5 percent to $68.56 billion in July. Energy imports jumped 50.1 percent to $14.48 billion, while non-energy imports increased 21.4 percent to $54.08 billion. Crude oil imports rose 54.2 percent to $9.3 billion as both volume and prices increased.
The cumulative trade surplus for the January-July period reached $168 billion, up $134.1 billion from a year earlier.
“July exports remained strong in the $90 billion range despite the start of the second half,” Trade, Industry and Energy Minister Kim Jung-kwan said. “The result was supported by continued strength in semiconductors, gains in 19 of the 20 major export items and a 26 percent increase in non-chip exports.”
Kim cautioned that export conditions are expected to remain challenging due to new U.S. tariff measures under Section 301 of the Trade Act, stronger protectionism in major economies and uncertainties in the Middle East.
“The government will closely monitor conditions by major item and market, while mobilizing all available policy tools so that Korean companies can respond in a timely manner to changes in the trade environment, including tariffs and non-tariff barriers,” he said.
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