South Korea recorded a significant 53.9% increase in exports during the initial 10 days of July compared to the same period last year. Data from the Korea Customs Service revealed that outbound shipments totaled $29.8 billion, primarily driven by strong sales of semiconductor products. This figure marked the highest export value for any 10-day period ever recorded by the customs agency, surpassing the previous record set in June.
Imports also saw a notable rise of 17.4% year-on-year, reaching $23.5 billion in the mentioned timeframe. Consequently, South Korea achieved a trade surplus of $6.4 billion during this period. The semiconductor sector notably stood out with exports nearly tripling to $11.2 billion, while automobile exports increased by 5.7% to $1.89 billion.
Noteworthy growth was observed in outbound shipments of petroleum products and ships, which surged by 22.7% and 75.1%, respectively, amounting to $1.75 billion and $1.54 billion. China emerged as a key destination for South Korean exports, with a remarkable 88.7% surge to $7 billion, while exports to the United States also rose by 43.2% to $4.91 billion.
Cumulatively, South Korea’s exports for the year stood at $526.1 billion as of Friday, reflecting a substantial 48.6% increase from the previous year. The country also maintained a trade surplus of $144 billion during this period. Additionally, the Bank of Korea emphasized that the global semiconductor market continues to face undersupply, projecting a sustained AI-driven supercycle and dispelling concerns of a peak in the chip cycle.
