South Korea's exports in July reached a record $98.89 billion, marking the highest monthly total in 14 years.
According to the Ministry of Trade, Industry and Energy, July exports increased by 62.8% compared to the same month last year, while imports rose by 26.5% to $68.56 billion, resulting in a trade surplus of $30.32 billion.
Notably, semiconductor exports surged by 179%, and exports of other items increased by 26%. The average daily export, adjusted for working days, rose by 69.6% to $4.12 billion, surpassing $4 billion for the third consecutive month.
All IT product categories recorded positive growth. Despite concerns over Apple's potential use of Chinese memory semiconductors and the announcement of new AI models in China, semiconductor prices continued to rise, maintaining exports above $40 billion for the second month in a row.
Computer exports also saw significant growth, driven by increased investment in AI infrastructure, particularly in enterprise SSDs. Wireless communication devices performed well, benefiting from strong sales of premium products like the Galaxy S26, despite rising semiconductor prices. Display exports also increased.
In the mobility sector, exports have shown positive growth for six consecutive months, supported by strong sales of eco-friendly vehicles like hybrids and the base effect from major companies shifting their summer vacation schedules. Ship exports also rose, with increased shipments of LNG carriers and tankers.
However, tensions in the Middle East have led to a decline in the export volume of petrochemical products. While the export value of petroleum products remained high due to rising oil prices, the volume decreased by 8.8%. The export value of petrochemicals increased due to higher raw material prices, but export volumes fell by 9.1% as domestic supply was prioritized.
Despite the introduction of the EU's TRQ, exports of agricultural products continued to show positive growth for the second consecutive month, driven by demand for AI data centers and pipeline replacement in the U.S. General machinery exports increased due to expanded investments in advanced manufacturing, focusing on manufacturing equipment and machine parts. Exports of low-tech products also reached record levels in July, led by strong performance in wires and electric motors.
Exports of biohealth, cosmetics, and agricultural and fishery products all set new records in July. Biohealth exports benefited from increased market share of biosimilar products and higher supply volumes to Europe. The growth in cosmetics exports was attributed to the expansion of offline distribution channels in the U.S. and Europe. Agricultural and fishery product exports were driven by strong sales of ramen, snacks, and kimchi. Exports of daily necessities also increased, reflecting a broad positive trend in major consumer goods.
Regionally, exports increased in eight out of nine major export regions, excluding the CIS.
Exports to China reached $21.68 billion, a 96.2% increase, surpassing $20 billion for the second consecutive month. While petrochemical and general machinery exports were sluggish, increases in semiconductor, non-ferrous metal, and petroleum product exports drove growth.
Exports to the U.S. rose by 68.7% to $17.43 billion, supported by increased investments in AI data centers, leading to higher exports of semiconductors, computers, electrical equipment, and steel, although automotive exports declined due to increased local production.
Exports to ASEAN reached $18.8 billion, a 73.7% increase, while exports to the EU rose by 55.7% to $9.38 billion, both achieving record highs. Key items driving this growth included semiconductors, computers, and ships.
Exports to the Middle East increased by 24.7% to $1.83 billion, supported by strong performance in general machinery, petrochemicals, and wireless communication devices. Exports to Japan, India, and Latin America also rose by 11%, 45%, and 26%, respectively, while exports to the CIS decreased by 9%.
July imports totaled $68.56 billion, a 26.5% increase. Energy imports rose by 50.1% to $14.48 billion, while non-energy imports increased by 21.4% to $54.08 billion. Crude oil imports surged by 54.2% to $9 billion due to higher volumes and prices.
The trade surplus for July was $30.32 billion, exceeding $30 billion for the second consecutive month. The cumulative trade surplus for the first seven months of the year reached $168 billion, an increase of $134.1 billion compared to the same period last year.
Kim Jeong-kwan, Minister of Trade, Industry and Energy, stated, "July's exports recorded a high performance of over $90 billion despite being the beginning of the second half of the year. This is due to the continued strength of semiconductors, with 19 out of 20 key items increasing and non-semiconductor items showing a high growth rate of 26%, reflecting the competitiveness of our products and the diversification of exports."
He added, "However, we anticipate that export conditions will be challenging due to new tariff measures under the U.S. Trade Act Section 301, the strengthening of protectionism by major countries, and uncertainties in the Middle East. The government plans to mobilize all available policy tools to ensure that our companies can respond promptly to changes in the trade environment, including tariffs and non-tariff barriers, while closely monitoring the situation for key items and markets."
* This article has been translated by AI.
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