South Korea exports hit record $55.2 billion driven by semiconductor surge

South Korea recorded a record-breaking export performance from August 1 to 20, with total exports reaching $55.2 billion, a 56% increase compared to the same period last year. This surge was primarily driven by a massive boom in semiconductor exports, which jumped 198.8% to $26.03 billion. Consequently, semiconductors accounted for 47.2% of all exports, the highest proportion ever recorded for this period.

While semiconductor, petroleum products, and computer peripherals saw significant growth, other sectors faced declines. Passenger car exports fell by 45.1%, attributed to summer vacations and partial strikes at certain facilities, while ship exports decreased by 60.5%.

On the import side, spending rose 19% to $41.2 billion, led by semiconductors, crude oil, and manufacturing equipment. Despite the rise in imports, the country maintained a trade surplus of $14 billion. Major export destinations included China, the United States, Vietnam, and Hong Kong, which together accounted for 52.6% of total exports.