Abu dhabi: South Korea's monthly exports hit a fresh high by surpassing the $100 billion mark for the first time in June, amid the record-breaking performance of chips, data showed Wednesday. Outbound shipments surged 70.9% on-year to $102.25 billion in June, according to the Ministry of Trade, Industry and Resources.
According to Emirates News Agency, imports rose 30.1% 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, YONHAP reported, citing official data. The trade ministry said South 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% to $5.41 billion as global tech companies expanded investment in artificial intelligence infrastructure, the ministry added. Exports of mobile devices also jumped 51.9% to $1.55 billion amid growing demand for new smartphones.
Exports to the United States also moved up 78.6% to $20 billion during the period, driven by expanding investment in AI servers. Outbound shipments to Southeast Asian nations also rose 86.6% to $18.3 billion, while those to the European Union increased 31.8% to $7.62 billion. Over the January-June period, exports also reached a record high, rising 48.4% from a year earlier to $496.7 billion.