Uptrend of Korea’s Exports

Continuing to see growth of exports to global markets

Korea’s exports in June increased by 5.1% compared to the same period last year, showing an uptrend for the ninth consecutive month.
By item, exports of six out of 15 major export items increased in June, and exports of all IT items (semiconductors, displays, computers, and wireless communication devices) showed an increase for the fourth consecutive month.
In particular, semiconductor exports, the largest export item, increased by 50.9% compared to the same period last year, recording the highest performance ever at $13.42 billion.
Exports of petroleum products increased by 8.4% compared to the same period last year at $3.63 billion, while exports of petrochemical products increased by 4.8% compared to the same period last year, at $3.72 billion.

However, exports of automobiles, Korea’s 2nd-largest export item, recorded $6.2 billion, a 0.4% decrease from the same period last year due to the decrease in operating days (1.5 days).
There were also sharp decreases in exports of steel (-24.3%) and secondary batteries (-20.5%), while general machinery (-8.1%) saw a fall in exports compared to the same period last year due to the slowdown of global demand.
By country, exports to the United States increased by 14.7% from the same period last year to $11.02 billion, the highest ever for June. Exports to the USA have been breaking monthly records for 11 consecutive months since August last year.
In this regard, the Ministry of Trade, Industry and Energy (MOTIE) explained, “While automobile exports, the largest export item, continued to show a favorable trend, semiconductors and computers related to AI server investment also recorded high export growth rates.”
Exports to China, which increased by 1.8% from the same period last year, recorded $10.7 billion, showing a four-month consecutive increase.

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