Incheon's first-half exports top $30b for first time; trade balance swings to surplus after 10 years

Incheon's exports in the first half of this year surpassed $30 billion for the first time, posting an all-time record.

Imports edged down over the same period, pushing the city's trade balance into surplus for the first time in a decade and signaling a further strengthening of its export competitiveness.

According to the "June 2026 and First-Half Incheon Trade Trends" report released Thursday by the Korea International Trade Association (KITA) Incheon branch, Incheon's exports reached $31.06 billion in the first half of this year, up 5.9 percent from the same period last year. The figure marks the first time the city has crossed the $30 billion threshold on a half-year basis and is the largest on record.

Imports, meanwhile, fell 0.6 percent year-on-year to $30.4 billion. The trade balance posted a surplus of $660 million — the first first-half surplus since 2016.

Among major export items, semiconductors, pharmaceuticals, automobiles and cosmetics all set new first-half records. Pharmaceuticals and cosmetics in particular showed standout growth.

Pharmaceutical exports rose 20.2 percent year-on-year to $4.07 billion, cementing their position as Incheon's second-largest export category behind semiconductors.

Cosmetics exports climbed 31.9 percent to $1.17 billion, surpassing the $1 billion mark for the first half for the first time in four years.

Incheon's core industries maintained steady growth. Semiconductor exports rose 4.3 percent and automobile exports increased 5.3 percent, both contributing to the broader expansion.

Among individual export destinations, Vietnam stood out. Buoyed by an expansion in local manufacturing activity, demand for intermediate goods such as semiconductors rose, pushing Incheon's exports to Vietnam up 25.1 percent from last year.

Vietnam's share of Incheon's total exports consequently grew from 12.2 percent last year to 14.5 percent this year.

"Even amid persistent external uncertainties — including shifts in the global trade environment and conflicts in the Middle East — the competitiveness of our core industries and our market diversification strategy drove record-high export results," said Han Young-su, head of the KITA Incheon branch.