July Exports Reach $55.44 Billion... Highest in 65 Years of Korean Trade History

Exports of 15 Key Items Including Semiconductors and Cars All Increase... 13 Achieve Double-Digit Growth Rates

[Sejong=Asia Economy Reporter Kwon Haeyoung] In July this year, South Korea's exports reached $55.4 billion, the highest figure in 65 years since trade statistics began to be compiled in 1956. Thanks to the strong performance of key items such as semiconductors, automobiles, and biohealth, exports increased by 29.6%, continuing a positive streak for nine consecutive months.

The Ministry of Trade, Industry and Energy announced on the 1st that last month's export amount was $55.44 billion, up 29.6% compared to the same month last year. This is not only the highest July record ever but also the highest figure in 65 years since trade statistics were first compiled in 1956.

Although South Korea's exports were sluggish last year due to the impact of COVID-19, they have been increasing for nine consecutive months since November. In particular, exports have fully revived, achieving a growth rate of over 20% for four consecutive months for the first time in 10 years.

Exports of the 15 major items all increased, with 13 of them achieving double-digit growth rates. Semiconductor exports rose 39.6% to $11 billion, marking the highest July record ever. Exports of petrochemicals (59.5%), computers (26.4%), general machinery (18.4%), and automobiles (12.3%) also increased.

New growth items such as secondary batteries (31.3%), biohealth (27.2%), cosmetics (11.7%), and agricultural and marine products (3.7%) also saw export growth.

By region, exports to all nine major regions increased for four consecutive months. Exports to the United States, the European Union (EU), and ASEAN achieved the highest July export records ever, while exports to China ranked second highest for July.

An official from the Ministry of Trade, Industry and Energy stated, "The export growth trend is expected to continue in the second half of the year," adding, "The price increase trend for major items such as semiconductors, petrochemicals, steel, and displays is expected to persist."

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