Yonhap Newshace 3 horasBusiness1 min de lecturaSouth Korea

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

south korea exports semiconductors global demand

En resumen

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.

Resumen generado por IA

Por qué importa

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

Tamaño de fuente

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.