This file photo shows a container yard in South Korea's southeastern port city of Busan on November 05, 2021 in Busan, South Korea. (Getty images)
South Korea's exports extended on-year gains to the tenth straight month in July on the back of the robust performance of semiconductors, data showed Thursday.
Outbound shipments rose 13.9 percent on-year to $57.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.
Imports added 10.5 percent on-year to $53.8 billion, resulting in a trade surplus of $3.62 billion. South Korea has been maintaining a trade surplus for 14 consecutive months.
The combined trade surplus over the January-July period reached $26.7 billion, the highest since 2018.
By sector, exports of chips jumped 50.4 percent in July from a year earlier to $11.2 billion, marking nine straight months of on-year gains. The growth remained above the 50 percent mark for four consecutive months as well.
The ministry attributed the growth in the chip sector to strong demand from advanced servers harnessing artificial intelligence technologies, along with the release of new smart devices.
Exports of petroleum products increased 16.7 percent on-year to $4.53 billion in July, driven by global demand for jet fuel, the ministry added.
Outbound shipments of display products gained 2.4 percent to $1.72 billion, led by organic light-emitting diode products.
Exports of mobile devices jumped 53.6 percent to $1.46 billion amid a recovery in the global smartphone market.
However, exports of automobiles declined 9.1 percent on-year to $5.4 billion in July, due to the summer vacation season.
By destination, exports to China surged 14.9 percent to $11.4 billion, the highest since the $12.2 billion recorded in October 2022, driven by the strong performance of chips and mobile devices.
Shipments to the United States also increased 9.3 percent on-year to $10.2 billion, marking the highest for any July, driven by stronger demand for automobiles, chips and machinery products, the ministry said.
Exports to Southeast Asian countries grew 12.1 percent over the period to $9.9 billion, led by mobile chips.
"The government will utilize all available resources and work closely with the private sector to set a new record in exports this year," Industry Minister Ahn Duk-geun said in a statement. South Korea aims to achieve annual exports of $700 billion this year.
Outbound shipments decreased 7.4 percent on-year in 2023 to $630 billion amid the sluggish performance of chips, coupled with global economic uncertainties. (Yonhap)
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