South Korea exports hit record $99 billion in July

South Korea reported record-breaking export figures for July, with total exports reaching $99 billion, a 63.0% increase compared to the previous year. This performance was driven largely by a surge in semiconductor exports, which totaled $41.2 billion, marking the second consecutive month exceeding the $40 billion threshold. Other sectors seeing growth included automobiles, ships, and wireless communication devices.

The country maintained a trade surplus of $30.4 billion for the month, continuing an 18-month trend of positive trade balances. Exports to major partners such as China, the United States, and Vietnam all showed increases.

In a separate survey by the Korea Federation of Middle Market Enterprises, 56% of exporting middle-market companies expressed optimism regarding export performance for the second half of the year. However, these businesses identified exchange rate volatility and rising raw material costs as significant challenges. Many companies are looking toward Southeast Asia, Vietnam, and India for market diversification.