South Korea's Exports Surge: Tech Sector Leads Economic Growth

Sejong, South Korea—As detailed in a report released by the Ministry of Trade, Industry and Energy (MOTIE) on Monday, South Korea's exports increased 5.1% year-on-year in June, reaching a total of $57.1 billion. 

This marks the ninth consecutive month in which South Korea's exports have grown. 

Imports declined by 7.5% to $49.1 billion, resulting in a trade surplus of $8.0 billion, representing the highest surplus observed over the past 45 months.

In June, exports reached the second-highest on record, with the average daily export value reaching an all-time high of $2.7 billion, representing a 12.4% increase compared to the same period last year.

It is noteworthy that semiconductor exports exhibited a notable surge, increasing by 50.9% to reach a record $13.4 billion. 

This growth was particularly noteworthy among items in the information technology sector. 

Moreover, displays, computers, and wireless communication devices exhibited robust performance.

Monthly exports to the United States reached a new record of $11.0 billion, representing a 14.7% increase. 

For the fourth consecutive month, exports destined for China exhibited a 1.8% increase, reaching $10.7 billion.

In the initial six months of 2024, exports increased 9.1% year over year, reaching a total of $334.8 billion. Conversely, imports declined 6.5%, amounting to $311.7 billion. 

The resulting trade surplus of $23.1 billion represents the highest figure observed since the first half of 2018.

Semiconductor exports for the initial six months of 2024 increased by 52.2%, reaching a total of $65.7 billion. 

Concurrently, automobile exports reached an all-time high of $37 billion, a 3.8% expansion.

Notwithstanding an increase in crude oil imports, energy imports for the initial six-month period of 2024 exhibited a 10.0% decline. 

This was attributable to a considerable decrease in imports of gas and coal.

The Ministry's data indicate that South Korea's export-driven economy is continuing to recover, with the IT sector and key markets demonstrating robust growth despite the prevailing global economic uncertainties.