South Korea's July exports hit $98.89b, second-highest on record

South Korea's exports surged more than 60 percent from a year earlier last month, approaching the $100 billion mark for the second-highest monthly total on record.

Semiconductors, the country's top export item, accounted for more than 40 percent of the total and exceeded $40 billion for the second consecutive month. The trade surplus also topped $30 billion for the second straight month.

July exports reached $98.89 billion on a customs-clearance basis, up 62.8 percent from the same month a year ago, the Ministry of Trade, Industry and Energy said Saturday.

The figure trails only June's $102.25 billion — the first time monthly exports ever crossed the $100 billion mark — making July the second-best monthly performance in history.

With one fewer working day than a year ago — 24 days versus 25 — the daily average export value came to $4.12 billion, a 69.6 percent increase. That marks the third consecutive month above $4 billion a day, following $4.27 billion in May and $4.54 billion in June.

Semiconductors drove the gains. Sustained increases in contract prices pushed chip exports to $41 billion, topping $40 billion for the second month in a row after June's $44.8 billion. Semiconductors posted a record high for their respective month for the 16th consecutive month.

Computer exports jumped 404 percent to $4.79 billion, with enterprise solid-state drives leading the surge as big tech companies continued to expand AI infrastructure investment, the ministry said. Wireless communications devices rose 51 percent, buoyed by strong sales of premium products including the Galaxy S26.

Automobile exports reached $6.24 billion, lifted by solid demand for hybrid and other eco-friendly vehicles, as well as a base effect from automakers shifting their summer shutdown from late July last year to early August this year.

Exports to China climbed 96.2 percent to $21.68 billion, surpassing $20 billion for the second consecutive month and extending a streak of year-on-year gains to nine straight months since November. Semiconductors, non-ferrous metals and petroleum products posted strong growth, offsetting weakness in petrochemicals and general machinery.

Exports to the United States rose 68.7 percent to $17.43 billion. Continued big tech investment in AI data centers drove strong shipments of semiconductors, computers, electrical equipment and steel, the ministry said.

Exports to ASEAN jumped 73.7 percent to $18.8 billion, setting an all-time high for the period, led by semiconductors, displays and ships.

July imports rose 26.5 percent to $68.56 billion. Energy imports climbed 50.1 percent to $14.48 billion during the period.

Crude oil import volumes increased 7 percent while the import price per unit rose 44 percent, pushing the total crude oil import bill up 54.2 percent to $9.3 billion.

The July trade surplus came to $30.32 billion, up $23.81 billion from a year earlier, marking the second consecutive month above $30 billion. The cumulative trade surplus for January through July reached $168 billion, up $134.1 billion from the same period last year.

Trade Minister Kim Jung-kwan said export conditions are expected to remain challenging, citing new tariff measures under Section 301 of US trade law, growing protectionism among major economies and uncertainty in the Middle East. He said the ministry would closely monitor conditions by key product and market, and mobilize all available policy tools to help Korean companies respond in a timely manner to changes in the trade environment, including tariff and non-tariff barriers.