Korean Media: South Korea’s Exports Rise for 14 Consecutive Months, with a 96.2% Surge in Trade with China!
On September 18, Korean media outlet *Herald Economic* published an article stating that driven by strong performance in the semiconductor sector, South Korea’s export volume increased by 63.0% year-on-year in July, reaching $99 billion—the highest level ever recorded for the month. As a result, exports have expanded for 14 consecutive months, while the trade surplus reached $30.4 billion, marking the second month in a row exceeding the $30 billion threshold and maintaining a surplus for 18 months consecutively.
Data shows that South Korea’s exports in July totaled $99 billion, up 63.0% compared to the same period last year; imports amounted to $68.6 billion, rising 26.5% year-on-year. Following June, exports surpassed the $90 billion mark for the second consecutive month.
The primary driver behind this export boom is undoubtedly semiconductors. Semiconductor exports surged 176.3% year-on-year to a record-high $41.17 billion, exceeding $40 billion for two months in a row and continuing a 17-month growth trend.
Other major commodities also showed overall increases. Wireless communication equipment (+51.2%), ships (+47.2%), petroleum products (+35.7%), passenger vehicles (+8.4%), and steel products (+11.3%) experienced gains largely due to short-term recovery in demand. On the other hand, certain goods such as home appliances (-0.7%) and LCD devices (-9.1%) saw slight declines.
Looking at exports to major countries, growth from South Korea’s two largest trading partners—China and the United States—was particularly notable. Exports to China reached $21.68 billion, up 96.2% year-on-year, primarily driven by a sharp rise in shipments of memory semiconductors and computer peripherals. This upward trend has persisted for nine consecutive months.
Exports to the United States continued their robust expansion for the eighth straight month, increasing 69.1% year-on-year to $17.47 billion. In the U.S. market, key contributors to export growth included memory semiconductors (+275.7%), computer peripherals (+506.0%), petroleum products (+108.8%), and passenger vehicles (+17.9%).
In addition, global markets demonstrated solid performance, with balanced growth observed in exports to major regions including Vietnam (+79.3%), the European Union (+55.6%), the Middle East (+24.7%), and Japan (+10.9%).
Total imports in July reached $68.6 billion, up 26.5% compared to the same period last year, mainly fueled by increased imports of raw materials such as crude oil, as well as capital goods including memory semiconductors and manufacturing equipment. Crude oil imports rose 54.2%, attributed to higher unit prices compared to the previous year.
Despite this, the pace of export growth significantly outstripped that of imports, resulting in a trade surplus of $30.4 billion. This marks the second consecutive month surpassing the $30 billion level, following $35.9 billion in June, and continues a streak of 18 months with a positive trade balance—underpinning the resilience of South Korea’s trade performance. The main surplus destinations were Southeast Asia ($17.8 billion), the United States ($8.51 billion), Vietnam ($6.43 billion), and China ($5.36 billion).
Original source: toutiao.com/article/1876658014067724/
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