Korea’s Monthly Exports Hit US$100 Billion for First Time in June

Seoul: The Republic of Korea's monthly exports reached an unprecedented milestone by surpassing the US$100 billion mark for the first time in June. This achievement comes amid a remarkable performance in the semiconductor sector, as indicated by data released on Wednesday. According to Emirates News Agency, outbound shipments surged 70.9 percent year-on-year to $102.25 billion in June, based on information from the Ministry of Trade, Industry and Resources. Imports also saw a significant increase, rising 30.1 percent year-on-year to $66.1 billion, leading to a trade surplus of $36.15 billion. This marks the first instance of the monthly trade balance surpassing $30 billion. The semiconductor industry played a key role in this export surge, with exports nearly tripling to reach $44.82 billion. This is the first time monthly exports of semiconductors have exceeded $40 billion, driven by heightened demand for memory chips. For the first half of the year, exports set a new record, climbing 48.4 percent from th e previous year to $496.7 billion. Semiconductor exports alone increased by 163 percent compared to the same period last year.