South Korea’s Monthly Exports Top $100B for First Time
- South Korea's monthly exports hit a record $102.25 billion in June, according to the Ministry of Trade, Industry and Resources, surging 70.9% on-year and surpassing the $100 billion mark for the first time.
- The Lee Jae Myung administration's $880 billion investment plan for Samsung Electronics and Hynix Inc. aims to double memory chip production capacity within five years, underpinning the export surge.
- Exports to China and the United States each reached $20 billion, driven by semiconductors, while computer product shipments soared more than 300% to $5.41 billion and mobile device exports jumped 51.9% to $1.55 billion.
- Rising imports resulted in a $36.1 billion trade surplus, while Governor Shin Hyun Song and policymakers cite the semiconductor boom as supporting the Bank of Korea's increasingly hawkish interest rate stance amid persistent inflation.
- Industry Minister Kim Jung-kwan noted record first-half performance but warned that "uncertainties are expected to persist" in the second half, citing United States tariff measures, oil price volatility, and risks of entrenched inflation.
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The country is benefiting from the global AI battle, primarily between China and the US, and is now the world's largest supplier of memory chips.
South Korea's exports hit fastest growth since 1978 as AI chip demand surges
South Korea's exports surged 70.9 per cent in June, marking the fastest annual growth since 1978, as booming global AI investment drove record semiconductor shipments and pushed the country's monthly exports above $100 billion for the first time
Korea's monthly exports hit $100 bil. for 1st time in June
Korea's monthly exports hit a fresh high by surpassing the $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 …
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