South Korea's June exports top $1 trillion as China records record trade surge

South Korea’s customs service reported that June 2024 exports reached $1.022 trillion, a 70.7% year‑on‑year rise and the first time monthly exports passed the $1 trillion mark. The surge was led by semiconductors, whose export value topped $400 billion for the first time, accounting for 196.9% of the monthly total. Overall trade posted a $361 billion surplus, the 17th consecutive month of a positive balance. Major destinations included China (92.0% of export growth), the United States (78.6%), Vietnam (74.6%) and the European Union (31.8%). Imports rose 30.0% to $661 billion, driven by oil, memory chips and passenger cars.

China’s customs data for the same month showed exports of $4.124 trillion, up 27.0% from June 2023 and far exceeding analyst expectations, while imports climbed 36.0% to $2.868 trillion. The trade surplus widened to $125.6 billion. Trade with the United States was flat, but exchanges with Asian partners expanded sharply: exports to South Korea grew 31.0% to $92.7 billion and imports from Korea rose 61.5% to $138.6 billion. Overall, China’s trade with Asia, ASEAN, Australia and India recorded strong gains, indicating a shift away from a US‑centric trade pattern.