KPL
(KPL/Yonhap) The Republic of Korea's monthly exports hit a fresh high by surpassing the US$100 billion mark for the first time in June, amid the record-breaking performance of chips, data showed Wednesday.
Outbound shipments surged 70.9 percent on-year to $102.25 billion in June, according to the Ministry of Trade, Industry and Resources.
Imports rose 30.1 percent on-year to $66.1 billion, resulting in a trade surplus of $36.15 billion.
It also marked the first time that the monthly trade balance has surpassed $30 billion.
The trade ministry said the Republic of Korea became the world's fourth nation to achieve the $100 billion milestone, following Germany, the United States and China.
Exports of semiconductors nearly tripled to reach $44.82 billion, with monthly exports surpassing $40 billion for the first time on the back of surging demand for memory chips.
Outbound shipments of computer products soared more than 300 percent to $5.41 billion as global tech companies expanded investment in artificial intelligence (AI) infrastructure, the ministry added.
Exports of mobile devices also jumped 51.9 percent to $1.55 billion amid growing demand for new smartphones.
The data showed automobile exports rising 5.8 percent to $6.71 billion following the stabilization of auto parts supplies.
Outbound shipments of petroleum products moved up 49.8 percent to $5.59 billion on higher prices, while those of petrochemical goods rose 18.8 percent to $4.07 billion.
Other major winners included ships, displays and steel products, whose exports moved up 12.9 percent, 37 percent and 9.6 percent, respectively.
By destination, exports to China shot up 92.1 percent to $20 billion, driven by solid growth in semiconductors, petrochemical products, machinery and mobile devices.
Exports to the United States also moved up 78.6 percent to $20 billion during the period, driven by expanding investment in AI servers.
Outbound shipments to Southeast Asian nations also rose 86.6 percent to $18.3 billion, while those to the European Union increased 31.8 percent to $7.62 billion.
Over the January-June period, exports also reached a record high, rising 48.4 percent from a year earlier to $496.7 billion.
"In a positive scenario, annual exports of 1 trillion won are not an unattainable target," said Kang Kam-chan, a senior trade official.
Semiconductor exports shot up 163 percent from a year earlier in the first half.
"The Republic of Korea was able to post a record export performance in the first half on the back of robust semiconductor exports driven by demand for AI servers," Industry Minister Kim Jung-kwan said in a release.
KPL
