Exports jump 63% in July to post second-highest monthly total ever

Korea's monthly exports soared to the second-highest ever by moving up nearly 63 percent in July from a year earlier, data showed Saturday, amid solid global demand for memory chips.

Outbound shipments came to $98.89 billion in July, according to the Ministry of Trade, Industry and Resources. It was slightly below the all-time high record of $102.2 billion posted in June.

Imports rose 26.5 percent on year to $68.56 billion, resulting in a trade surplus of $30.32 billion.

By sector, exports of semiconductors, the backbone of Asia's fourth-largest economy, shot up 179 percent over the period to $41 billion as global prices for memory products remained high despite heightened competition.

The figure topped the $40 billion mark for two consecutive months.

Exports of automobiles also rose 7 percent to $6.2 billion on the back of strong global demand for hybrid and other environmentally friendly models.

Outbound shipments of petroleum products jumped 34.1 percent to $5.68 billion, while those of petrochemical products gained 10.3 percent to $4.18 billion.

By destination, exports to China nearly doubled to $21.68 billion on the back of strong shipments of chips, nonmetal products and petroleum goods.

Exports to the United States surged 68.7 percent to $17.4 billion, driven by AI data center investment projects rolled out by major high-tech companies, the data showed.

Yonhap