(2nd LD) S. Korea’s monthly exports hit US$100 bln for 1st time in June

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By Kang Yoon-seung

SEOUL, July 1 (Yonhap) — South 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.

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.

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.

Semiconductor exports shot up 163 percent from a year earlier in the first half.

“South 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.

“In the second half, uncertainties are expected to persist, with factors including U.S. tariff measures, oil price volatility and the possibility of a global economic slowdown,” Kim added, noting South Korea will make efforts to address such challenges through close coordination with its trading partners.