The Ministry of Trade, Industry and Resources in a report released on Aug. 1 said July exports reached USD 98.89 billion, the second highest on record for a month. Shown is the night view of Pier 7 at Busan New Port. (Dongwon Global Terminal Busan)
By Jeong Euiseok
Exports last month neared USD 100 billion for their second-best monthly performance on record.
The Ministry of Trade, Industry and Resources on Aug. 1 in a report said overseas shipments last month reached USD 98.89 billion, up 62.8% year on year, despite July being the first month of the second half of the year.
Semiconductors maintained the export boom that continued from June with exports jumping 178.8% to USD 41.01 billion.
Despite issues such as Apple's potential incorporation of Chinese memory chips and China's announcement of a new artificial intelligence (AI) model, the rise in fixed semiconductor prices continued as chip exports exceeded USD 40 billion for the second consecutive month.
Computer exports skyrocketed 404% thanks to expanded investments by big tech companies in AI infrastructure. Those of wireless communication devices increased 51% as the impact of rising chip prices on entry-level products was offset by strong sales of premium products.
Cars, oceangoing vessels, petroleum products and bio-health also showed growth, with exports rising in 19 out of the top 20 export categories last month.
By market, exports to China jumped 96.2% to USD 21.68 billion and those to the U.S. surged 68.7% to USD 17.43 billion.
Imports last month rose 26.5% to USD 68.56 billion, with those of energy growing 50.1% to USD 14.48 billion. The trade balance thus posted a surplus of USD 30.32 billion, exceeding USD 30 billion for the second straight month.
Minister of Trade, Industry and Resources Kim Jung-Kwan said, "The government will closely monitor the situations of key exports and markets and mobilize all available policy tools to ensure that our companies can quickly respond to changes in the trade environment such as tariffs and non-tariff barriers."
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