Huatai Securities’ latest research report highlights that the rapid expansion of exports within the AI industry chain has propelled South Korea’s overall export performance in June to significantly surpass market expectations, while also driving the country’s trade surplus to a record high. Looking ahead, leading economic indicators suggest that trade within the AI supply chain will maintain strong growth momentum, positioning South Korea’s exports to sustain their exceptional performance. This trend is expected to contribute to relatively high nominal GDP growth rates in the near future.

In the short term, the Philadelphia Semiconductor Index—which serves as a leading indicator for South Korea’s semiconductor exports with a lag of approximately four months—continues to show robust year-on-year growth. This signals that the upswing in South Korea’s semiconductor exports is likely to persist. Simultaneously, driven by surging demand for AI technologies, memory chip prices remain on an upward trajectory, further bolstering nominal export values.

The sustained high growth in South Korea’s exports underscores that the global AI supply chain trade is still in an expansionary phase. Asian AI supply chains, particularly those in South Korea and China, are expected to continue reaping the benefits of this trend.