Korea posts record June export figure on strong chip demand
Semiconductor shipments nearly tripled in the first 20 days of June, lifting exports to a record $62 billion and widening the trade surplus.
Containers are piled up for export at the Pyeongtaek Port in Gyeonggi on April 1.
YONHAP
Korea’s outbound shipments reached a record $62 billion in the first 20 days of June, driven by a surge in semiconductor exports that nearly tripled from a year earlier.
Rising 60.4 percent on year, the country's 20-day export figure marks the highest export value ever recorded for the period, surpassing the previous record of $54.3 billion set in March, according to data released by the Korea Customs Service on Monday.
The growth was led by semiconductors, with chip exports rising over 188 percent on year to $25.5 billion. Semiconductors accounted for 41.2 percent of total exports, up 18.3 percentage points from a year earlier.
Exports of computer peripherals also soared 293.3 percent, supported by robust demand for solid-state drives (SSDs) used in AI servers. Shipments of petroleum products rose 39.0 percent, while passenger vehicle exports increased 2.3 percent.
Exports of auto parts, however, fell 9.5 percent to $1.1 billion.
By destination, shipments to China increased by 86.9 percent, followed by Vietnam at 75.5 percent, the United States at 53.9 percent, Taiwan at 103.6 percent and the European Union at 13.6 percent. Notably, China, the United States and Vietnam together accounted for 49 percent of total exports.
Imports also increased 23.2 percent from a year earlier to $44.5 billion. By category, imports of semiconductors rose 55.5 percent, crude oil 18.8 percent, semiconductor manufacturing equipment 51.9 percent, machinery 2.8 percent and natural gas 8.3 percent.
Energy imports, including crude oil, natural gas and coal, climbed 19.9 percent overall. Crude oil imports, however, edged down to $5.4 billion from $6 billion recorded during the same period of the previous month.
With export growth far outpacing imports, Korea posted a trade surplus of $17.5 billion during the period. The continued strength of semiconductor exports has further boosted the country’s trade balance.
Update, June 22: Added additional information.
BY JEONG JAE-HONG, YONHAP [[email protected]]
