South Korea's Tech-Driven Exports Surge 13.9% in July 2024

Sejong, South Korea - South Korea's exports surged 13.9% year-on-year to $57.5 billion in July 2024, the second-highest on record for the month, the Ministry of Trade, Industry and Energy (MOTIE) reported on Thursday.
This marks the 10th consecutive month of export growth for Asia's fourth-largest economy.

The information technology (IT) sector was the primary driver, with exports climbing 44.0% to $15.6 billion.
Semiconductor exports, a key component, soared 50.4% to $11.2 billion, marking the fourth straight month of growth exceeding 50%.

Imports rose 10.5% to $53.9 billion, resulting in a trade surplus of $3.6 billion.

Exports to China, South Korea's largest trading partner, reached $11.4 billion, up 14.9% and the highest in 21 months.
U.S.-bound exports hit a July record of $10.2 billion, rising 9.3%.

However, automobile exports declined 9.1% to $5.4 billion due to major carmakers' summer holidays.

The ministry reported that exports to eight out of nine major destinations grew, with shipments to the Middle East jumping 50.6% to $2.2 billion.

Year-to-date, South Korea's accumulated trade balance through July expanded by $51.2 billion year-on-year, reaching an all-time high since 2018.