June Exports Surge 60.4%, Setting Record High with Semiconductors Leading Growth

Exports in mid-June increased by more than 60%, marking the highest level ever recorded for this period. The surge was driven by a remarkable 188% rise in semiconductor exports, which led the overall growth.

The Korea Customs Service reported on June 22 that the export amount from June 1 to 20 reached $61.991 billion, a 60.4% increase compared to the same period last year. This figure represents the highest performance ever for this timeframe, surpassing the previous record of $54.3 billion set from March 1 to 20.

Considering the number of working days, the average daily export amount was $4.13 billion, up 49.7%. The number of working days during this period was 15.0, one day more than the previous year.

By category, semiconductor exports soared to $25.509 billion, a 188.4% increase, marking the highest level ever for this period. Semiconductors accounted for 41.2% of total exports, an increase of 18.3 percentage points from a year ago.

Exports of computer peripherals also skyrocketed by 293.3%, while exports of passenger cars (2.3%) and petroleum products (39.0%) also saw increases. However, exports of automotive parts fell by 9.5%.

Regionally, exports to major markets all increased, with China (86.9%), the United States (53.9%), Vietnam (75.5%), the European Union (13.6%), and Taiwan (103.6%) showing significant growth. The combined share of the top three countries—China, the United States, and Vietnam—accounted for 49.0% of total exports.

During the same period, imports rose by 23.2% year-on-year to $44.495 billion.

By category, imports of semiconductors (55.5%), semiconductor manufacturing equipment (51.9%), machinery (2.8%), and gas (8.3%) all increased.

Notably, energy imports (crude oil, gas, and coal) rose by 19.9% compared to last year.

Crude oil imports, directly affected by the ongoing conflict in the Middle East, increased by 18.8% to $5.437 billion. This rise is attributed to higher international oil prices and a stronger won-dollar exchange rate.

Imports from China (41.1%), the United States (26.0%), the European Union (16.4%), Japan (14.2%), and Taiwan (33.8%) all saw increases, while imports from Saudi Arabia decreased by 22.6%.

With exports exceeding imports, the trade balance recorded a surplus of $17.496 billion.

* This article has been translated by AI.