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The trade data released on Aug. 1 placed South Korea’s July exports at a record $98.89 billion, a 62.8 percent increase from the previous year. When adjusted for working days, the growth rate stood at 69.6 percent. The country recorded a trade surplus of $30.32 billion for the month.
Semiconductor exports reached $41.01 billion, up 178.8 percent year on year, according to the same data. This marked the second straight month that chip exports exceeded $40 billion. The increase was driven by rising demand for artificial intelligence applications, with DRAM and NAND flash memory prices climbing.
Korean auto exports exceeded US$6.2 billion in July, rising 7 percent from a year earlier, the figures showed. Growth in the sector was propelled by global demand for hybrid vehicles and other environmentally friendly models. The performance added to gains seen across most export categories.
Petroleum exports gained 34.1 percent to $5.7 billion as oil prices rose, the statistics indicated. Shipments of ships increased by 46.9 percent while computer exports soared 404 percent to $4.79 billion. Wireless communications equipment exports advanced 51 percent to $1.81 billion and petrochemical products rose 10.3 percent.
Exports to China totaled $21.68 billion, an increase of 96.2 percent, according to the trade data. The United States received $17.43 billion worth of goods, up 68.7 percent, largely due to demand linked to artificial intelligence data centers. Exports to the Middle East posted their first rise since January.
The Bank of Korea is weighing an interest rate increase to 2.75 percent amid consumer inflation at 3.2 percent, the report noted. The economy grew 0.6 percent on a monthly basis in the second quarter. Samsung has forecast semiconductor shortages continuing through 2028, and SK Hynix reported profits rising thirteen times over the comparable period.
