In July, exports surged by 13.9% year-on-year, reaching $57.49 billion, while imports rose by 10.5% to $53.88 billion, resulting in a trade surplus of $3.61 billion. This performance marks the second-highest July figure on record and continues a strong upward trend that has lasted for ten consecutive months.
The notable export growth was driven by advances across 11 of the 15 major export categories, including IT products, general machinery, auto parts, petroleum products, petrochemicals, biohealth, home appliances, and textiles. IT products, such as semiconductors, displays, computers, and wireless communication devices, saw significant increases. Semiconductor exports alone reached $11.2 billion, up 50.4%, maintaining a positive trend for nine months and showing over 50% growth for four consecutive months.
Display exports totaled $1.7 billion, a 2.4% increase over the past year. Computer exports surged by 61.6% to $1.2 billion, and wireless communication devices saw a 53.6% increase to $1.5 billion. Auto parts exports also rose by 9.5% to $2.2 billion, indicating a positive turnaround.
Automobile exports experienced a slight decrease of 9.1% to $5.4 billion, attributed to seasonal industry fluctuations. Despite this, general machinery exports hit a record high for July at $4.9 billion, up 12.5%, with petroleum products and petrochemicals also showing robust growth, rising by 16.7% and 18.5%, respectively.
Exports to key markets included $11.4 billion to China, a 14.9% increase and the highest level since October 2022, driven by strong demand for IT items. Exports to the United States also reached a record $10.2 billion for July, up 9.3%, while exports to ASEAN countries totaled $9.9 billion, up 12.1%, achieving the second-highest July figure ever.
Additionally, exports to India, the Middle East, Japan, Latin America, and the CIS all showed positive growth, with significant increases noted in the Middle East and Latin America.
Energy imports rose by 11.9% to $10.9 billion, driven by increased imports of crude oil and gas.
Industry, Trade, and Energy Minister Ahn Duk-geun praised the export trends, stating, "July exports saw a notable 13.9% increase year-on-year, reflecting a strong start to the second half of the year. The growth in major export categories and key regions highlights a balanced and sustained expansion."
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