On July 21, data released by the South Korean Customs Service revealed that, propelled by the burgeoning artificial intelligence (AI) sector, South Korea's exports during the first 20 days of July soared by 52.3% year-on-year, reaching USD 54.9 billion, a significant increase from USD 36 billion recorded in the same period last year. Over the same timeframe, imports also climbed by 20% year-on-year, amounting to USD 42.7 billion, thereby generating a trade surplus of USD 12.2 billion.
Analyzing by industry, semiconductor exports emerged as a standout performer, surging by an impressive 180% to USD 22.1 billion, thus becoming the primary catalyst for export growth. In contrast, car exports experienced a decline of 10.6%, totaling USD 3.24 billion.
Regarding export destinations, exports to China nearly doubled, climbing to USD 13.3 billion, while exports to the United States saw a 39.6% increase, reaching USD 8.96 billion. As of Monday, South Korea's cumulative exports for the year had amounted to USD 551.2 billion, marking a 48.7% year-on-year increase.