South Korea July exports jump 62.8% on AI chip demand

South Korea's exports maintained powerful momentum in July, driven by sustained global demand for semiconductors used in artificial intelligence and data centers, according to official data released on Saturday, August 1. The strong performance reinforces the nation's economic resilience and bolsters the case for further monetary policy tightening.

Outbound shipments rose 62.8 percent in July compared to the same month a year earlier, reaching $98.89 billion, the Ministry of Trade, Industry and Energy reported. This marks the second-highest monthly export value on record, following June's all-time high of $102.2 billion. Imports increased 26.5 percent to $68.56 billion, resulting in a trade surplus of $30.32 billion.

Semiconductors were again the primary engine of growth, with exports from the sector surging 178.8 percent year-on-year to $41 billion. This is the second consecutive month chip exports have exceeded $40 billion. The broader export picture was robust, with 19 of the country's 20 major export categories posting gains. Excluding semiconductors, total exports still grew by a solid 26 percent. Other strong performers included mobile devices, petroleum products, and...