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South Korea's Exports Surge 53.9% in Early July on Semiconductor Strength

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South Korea's exports soared 53.9% year-on-year to $29.8 billion in the first 10 days of July, driven by a near threefold increase in semiconductor shipments.
This marks a record high for any 10-day period, contributing to a $6.4 billion trade surplus.

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Why It Matters

South Korea's exports have shown a significant increase in the first 10 days of July, primarily driven by strong performance in the semiconductor sector. This surge has resulted in a substantial trade surplus.

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By Kang Yoon-seung

SEOUL, July 13 (Yonhap) -- South Korea's exports jumped 53.9 percent from a year earlier in the first 10 days of July, data showed Monday, on the back of strong outbound shipments of semiconductor products.

Outbound shipments reached US$29.8 billion in the July 1-10 period, compared with $19.3 billion tallied in the same period last year, according to the data from the Korea Customs Service.

It marked the highest figure for any 10-day period compiled by the customs agency. The previous record was $28.6 billion, posted in June.

Imports went up 17.4 percent on-year to $23.5 billion over the cited period, resulting in a trade surplus of $6.4 billion, the latest findings showed.

By sector, exports of semiconductors nearly tripled to $11.2 billion, while those of automobiles rose 5.7 percent to $1.89 billion.

Outbound shipments of petroleum products and ships advanced 22.7 percent and 75.1 percent, respectively, to $1.75 billion and $1.54 billion.

By destination, exports to China surged 88.7 percent to $7 billion, while those to the United States rose 43.2 percent to $4.91 billion.

As of Friday, cumulative exports this year totaled $526.1 billion, up 48.6 percent from a year earlier. The trade surplus over the period reached $144 billion.