South Korea's export momentum is robust, with early June data setting a new historical record, driven primarily by explosive growth in semiconductor demand.
According to data released by the Korea Customs Service, from June 1 to 10, South Korea's export value reached $28.635 billion, a year-on-year increase of 85.9%. This marks the highest export value for the first 10 days of any month on record, surpassing the previous high of $25.2 billion set this past April. During the same period, the trade surplus was $5.282 billion, with both exports and imports expanding.
Semiconductors were the undisputed main driver of this export surge. Semiconductor exports for the period amounted to $11.068 billion, a sharp year-on-year increase of 205.8%. Their share of total exports rose to 38.7%, up 15.1 percentage points from the same period last year, with the single-item export value also hitting a record high for the period.
Broad-Based Growth Across Multiple Export Categories
Beyond semiconductors, several other export categories also recorded strong growth.
Exports of computer peripheral equipment surged by 259.4% year-on-year, the highest growth rate among all categories. Exports of petroleum products grew by 68.7%, and ship exports increased by 52.0%. This data indicates that the current export expansion is not driven by a single category but reflects a relatively broad-based structural growth pattern.
The fact that semiconductor exports account for nearly 40% of total exports highlights the high degree of reliance of South Korea's export structure on the chip industry. Against the backdrop of continued global expansion in artificial intelligence infrastructure investment, strong demand for high-end semiconductors like high-bandwidth memory chips is providing solid support for related South Korean companies.
In terms of export destinations, South Korea's exports to its major trading partners all achieved year-on-year growth. Exports to China increased by 101.4%, to Vietnam by 102.9%, to the United States by 54.4%, and to the European Union by 46.0%. The combined export share to the three major destinations of China, the U.S., and Vietnam reached 47.3%.
Notably, the doubling of exports to China reflects, to some extent, a recovery in Chinese market demand for South Korean semiconductors and intermediate goods. The more than 50% increase in exports to the U.S. also demonstrates the resilience of South Korea's exports to the American market amid trade policy uncertainties.
Imports Also Expand, Semiconductor Equipment Purchases Accelerate
In the first 10 days of June, South Korea's import value was $23.352 billion, a year-on-year increase of 35.6%.
Within this, semiconductor imports grew by 71.3%, imports of semiconductor manufacturing equipment increased by 52.2%, crude oil imports rose by 42.9%, and machinery imports grew by 21.2%. Overall energy imports, including crude oil, natural gas, and coal, increased by 39.9%.
The significant rise in imports of semiconductors and related manufacturing equipment indicates that South Korean chip companies are accelerating their capacity expansion investments, which aligns with the current global upcycle in semiconductor demand.
Analysis points out that despite the expansion in imports, the trade surplus remained at $5.282 billion, indicating that export growth is significantly outpacing import growth, maintaining a healthy overall trade structure.
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