Exports in the First Half of This Year Reach $303.24 Billion... 'All-Time High' (Update)

Ministry of Trade, Industry and Energy, Export and Import Trends in the First Half of This Year

First Time Ever, Export Amount in the First Half of the Year Surpasses 300 Billion Dollars

Record High June Exports at 54.8 Billion Dollars
Increased 39.7% Compared to Last Year, Marking 8 Consecutive Months of Growth

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] The export amount in the first half of this year exceeded 300 billion dollars for the first time in history, recording the highest performance ever.

On the 1st, the Ministry of Trade, Industry and Energy announced that exports from January to June this year amounted to 303.24 billion dollars, a 26.1% increase compared to the same period last year.

The export amount in the first half of this year is the highest ever. The previous record was 296.7 billion dollars in the first half of 2018. The year 2018 was the only time annual exports surpassed 600 billion dollars. The export growth rate (26.1%) was the highest in 11 years.

An official from the Ministry of Trade, Industry and Energy explained, "Exports rebounded faster and stronger than during other global trade crises," adding, "We recorded an export growth rate far exceeding the base effect along with the shortest period of positive recovery."

Exports of all 15 major items increased. The first half of the year with all 15 major items increasing exports has occurred only three times, including this year, in 1991 and 2004. Among the nine major export regions, exports increased to eight markets except the Middle East.

Exports in June this year recorded 54.8 billion dollars, increasing 39.7% compared to the same period last year. The upward trend that began in November last year has continued for eight consecutive months. Especially, the growth rate in the last three months was around 40%. Last month's export amount is the highest ever for June, and the third highest compared to all months, following September 2017 (55.1 billion dollars) and October 2018 (54.9 billion dollars). All 15 major export items showed an increasing trend. It is the first time in 10 years since January 2011 that both exports of the 15 major items and exports to the nine major regions increased.

Semiconductors surpassed 10 billion dollars for two consecutive months based on steady memory demand, setting a new record for the highest export amount in June ever. The second and third largest export items, general machinery and petrochemicals, also achieved their highest export amounts in June amid the global economic recovery. This means that Korea's top three export items all recorded their highest June performance ever.

Automobiles and auto parts exports increased by over 50% and 100%, respectively, as demand recovered to pre-COVID-19 levels. In particular, automobile exports showed double-digit growth for six consecutive months. New industries such as secondary batteries and biohealth also set new records for the highest export amounts in June ever.

This content was produced with the assistance of AI translation services.