On July 8, it was reported that South Korea's official think tank, the Korea Development Institute (KDI), released its monthly economic evaluation report on Wednesday. The report indicates that the South Korean economy is continuing its recovery trajectory, with the thriving chip industry effectively counterbalancing the impact of the broader manufacturing sector's slowdown. The report highlighted that South Korea's exports continue to exhibit "robust" growth, propelled by strong demand in the artificial intelligence sector. In June, South Korea's export volume exceeded $100 billion for the first time, hitting $102.25 billion, marking a year-on-year increase of 70.9% and setting a new historical record.

KDI's analysis revealed that despite a deceleration in the growth rate of semiconductor export volumes, rising prices have bolstered the strong export performance. Driven by a surge in demand for memory chips, semiconductor exports nearly tripled, reaching $44.82 billion and surpassing the $40 billion monthly export threshold for the first time. However, KDI also noted a slight decline in manufacturing output, primarily attributed to "the waning momentum of rapid growth in semiconductors and the underperformance of other industries."

Furthermore, KDI cautioned that high oil prices and the depreciation of the Korean won against the US dollar could "continue to drive up prices, heightening the risk of further interest rate hikes and thereby dampening the recovery in consumption."