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South Korea's Exports Soar Nearly 63% in July, Driven by Chips and AI Demand

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South Korea's monthly exports surged nearly 63% year-on-year in July to $98.89 billion, the second highest on record, fueled by robust global demand for memory chips and increased AI data center investments, particularly from China and the United States.

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South Korea's July exports reached the second-highest level ever, driven by strong global demand for memory chips and eco-friendly automobiles.

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SEOUL, Aug. 1 (Yonhap) -- South Korea's monthly exports soared to the second highest ever by moving up nearly 63 percent in July from a year earlier, data showed Saturday, amid solid global demand for memory chips.

Outbound shipments came to US$98.89 billion in July, according to the Ministry of Trade, Industry and Resources. It was slightly below the all-time high record of $102.2 billion posted in June.

Imports rose 26.5 percent on-year to $68.56 billion, resulting in a trade surplus of $30.32 billion.

By sector, exports of semiconductors, the backbone of Asia's fourth-largest economy, shot up 179 percent over the period to $41 billion as global prices for memory products remained high despite heightened competition.

The figure topped the $40 billion mark for two consecutive months.

Exports of automobiles also rose 7 percent to $6.2 billion on the back of strong global demand for hybrid and other eco-friendly models.

Outbound shipments of petroleum products jumped 34.1 percent to $5.68 billion, while those of petrochemical products gained 10.3 percent to $4.18 billion.

By destination, exports to China nearly doubled to $21.68 billion on the back of strong shipments of chips, nonferrous metal products and petroleum goods.

Exports to the United States surged 68.7 percent to $17.4 billion, driven by artificial intelligence (AI) data center investment projects rolled out by major high-tech companies, the data showed.