July Exports Up 13.9%... '10 Consecutive Months of Growth'

Exports in July increased by nearly 14%, continuing the positive export trend that began in October last year for the 10th consecutive month.

According to the July 2024 export-import trends announced by the Ministry of Trade, Industry and Energy on the 1st, export value recorded $57.49 billion, up 13.9% compared to the previous year.

Cargo is stacked on a container ship docked at Busan Port. Photo by Jinhyung Kang aymsdream@

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An official from the Ministry of Trade, Industry and Energy explained, "We recorded the second-highest performance ever for July, maintaining a positive trend for 10 consecutive months," adding, "In July, exports increased in 11 out of the 15 major export items."

Exports of four IT items?semiconductors, displays, computers, and wireless communication devices?rose for the fifth consecutive month. In particular, semiconductor exports reached $11.2 billion (50.4%), marking nine consecutive months of growth. Display exports ($1.7 billion, 2.4%) increased for 12 months, computer exports ($1.2 billion, 61.6%) for seven months, and wireless communication devices ($1.5 billion, 53.6%) for five months in a row.

Automobile exports declined by 9.1% year-on-year to $5.4 billion due to the summer vacation of major companies. However, automobile parts exports rose by 9.5% to $2.2 billion, turning positive after three months.

General machinery exports recorded $4.9 billion (12.5%), the highest ever for July, marking a positive turnaround after three months. Petroleum products ($4.5 billion, 16.7%) increased for five consecutive months, and petrochemicals ($4.2 billion, 18.5%) for four months. Biohealth ($1.2 billion, 29.0%), textiles ($900 million, 1.6%), and home appliances ($700 million, 9.4%) also returned to growth after one month.

By region, exports to China reached $11.4 billion (14.9%), the highest in 21 months since October 2022 ($12.2 billion), driven by increased exports of IT items such as semiconductors and wireless communication devices due to improved IT industry conditions. The cumulative exports to China from January to July reached $74.8 billion (6.7%), the highest export amount by region. Exports to the United States also recorded the highest ever for July at $10.2 billion (9.3%), marking 12 consecutive months of record monthly performance.

Imports in July amounted to $53.88 billion, up 10.5% year-on-year. Energy imports increased by 11.9% to $10.9 billion due to expanded imports of crude oil (16.1%) and gas (23.8%).

Last month, the trade balance recorded a surplus of $3.6 billion, continuing a surplus trend for 14 consecutive months. The cumulative surplus from January to July reached $26.7 billion, the largest since 2018, improving by $51.2 billion compared to the previous year.

Minister An Deok-geun of the Ministry of Trade, Industry and Energy stated, "Exports in July increased by 13.9% compared to the previous year, marking a strong start to exports in the second half of the year," adding, "The government will concentrate all available resources as a public-private one team to expand exports and ensure the achievement of this year's goal of the highest export performance ever."

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