South Korea's July exports reach second-highest level
· UPIAug. 1 (Asia Today) -- South Korea's exports reached their second-highest monthly level in July, driven by strong shipments of semiconductors and other information technology products, government data showed Saturday.
Semiconductor exports exceeded $40 billion for the second consecutive month, while the country's monthly trade surplus remained above $30 billion for a second month.
Exports rose 62.8% from a year earlier to $98.89 billion in July, according to data released by the Ministry of Trade, Industry and Resources.
The total was second only to the record $102.25 billion registered in June, when monthly exports surpassed $100 billion for the first time.
South Korea had 24 working days in July, one fewer than a year earlier. Average daily exports still rose 69.6% to $4.12 billion, remaining above $4 billion for a third consecutive month.
Semiconductors led the increase. Chip exports surged 178.8% from a year earlier to $41.01 billion as fixed memory chip prices increased and investment in artificial intelligence infrastructure expanded.
The figure marked the second-highest monthly total on record and the second consecutive month in which semiconductor exports exceeded $40 billion.
Computer exports jumped 404% to $4.79 billion on rising demand for enterprise solid-state drives.
Exports of wireless communications equipment increased 51% on stronger sales of premium smartphones, while display shipments rose 2.4%.
Automobile exports increased 7% to $6.24 billion, supported by rising sales of hybrid and other environmentally friendly vehicles. Changes to summer vacation schedules at major automakers also affected the comparison with last year.
Ship exports climbed 46.9% to $3.29 billion as deliveries of liquefied natural gas carriers and tankers increased.
Exports of petroleum products and petrochemicals rose 34.1% and 10.3%, respectively, as higher international oil prices improved export prices.
Steel exports increased 4.4%, supported by demand related to U.S. AI data center construction and pipeline replacement projects. General machinery exports rose 5.9%, while electrical equipment shipments increased 13.9%.
Consumer goods also recorded strong growth.
Biohealth exports reached $1.57 billion and cosmetics exports totaled $1.35 billion, both setting records for the month of July.
Agricultural and seafood exports also reached a July record as overseas sales of instant noodles, snacks and kimchi increased.
Exports rose in eight of South Korea's nine major overseas markets.
Shipments to China jumped 96.2% to $21.68 billion, led by semiconductors, and exceeded $20 billion for a second consecutive month.
Exports to the United States rose 68.7% to $17.43 billion on increased shipments of semiconductors, computers and electrical equipment.
Exports to the Association of Southeast Asian Nations increased 73.7% to a record $18.8 billion. Shipments to the European Union also reached a record $9.38 billion.
Imports rose 26.5% from a year earlier to $68.56 billion. Crude oil imports increased 54.2% to $9.3 billion because of higher prices and greater import volume.
The trade surplus stood at $30.32 billion, remaining above $30 billion for a second consecutive month.
South Korea accumulated a trade surplus of $168 billion during the first seven months of the year, an increase of $134.1 billion from the same period last year.
"The strength of semiconductor exports continued, while exports of products other than semiconductors also increased, demonstrating an overall improvement in export competitiveness," Industry Minister Kim Jung-kwan said.
Kim said the government would mobilize available policy measures to help companies respond promptly to changes in the international trade environment, including tariffs and nontariff barriers.
-- Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260801010000006