South Korea's July Exports Surge to Second-Highest Level on Record

South Korea posted its second-best export month on record in July, with outbound shipments climbing 62.8% from a year earlier to $98.89 billion, according to data released by the Ministry of Trade, Industry and Resources. The figure trailed only June's all-time high of $102.25 billion, when monthly exports crossed $100 billion for the first time.

Semiconductors remained the driving force behind the gains. Chip exports soared 178.8% year-on-year to $41.01 billion, marking the second consecutive month above the $40 billion mark, as memory chip prices climbed and global investment in artificial intelligence infrastructure accelerated. Computer exports also jumped sharply, up 404% to $4.79 billion, on strong demand for enterprise solid-state drives used in data centers.

Other sectors contributed to the broad-based strength. Automobile exports rose 7% to $6.24 billion on higher sales of hybrid and eco-friendly vehicles, while ship exports climbed 46.9% to $3.29 billion thanks to increased deliveries of LNG carriers and tankers. Wireless communications equipment exports grew 51% on robust premium smartphone sales, and steel shipments rose 4.4%, aided by demand tied to U.S. data center construction. Biohealth and cosmetics exports each set records for the month of July, reaching $1.57 billion and $1.35 billion respectively.

Exports increased in eight of South Korea's nine major overseas markets. Shipments to China surged 96.2% to $21.68 billion, exceeding $20 billion for a second straight month, while exports to the United States rose 68.7% to $17.43 billion. Sales to Southeast Asian nations hit a record $18.8 billion, and exports to the European Union also reached a record $9.38 billion.

Imports increased 26.5% to $68.56 billion, partly reflecting a 54.2% rise in crude oil import costs due to higher prices and volumes. As a result, South Korea's trade surplus came in at $30.32 billion in July, staying above $30 billion for a second consecutive month. The country's cumulative surplus for the first seven months of 2026 reached $168 billion, an increase of $134.1 billion compared with the same period last year.

Industry Minister Kim Jung-kwan said semiconductor exports remained strong while non-chip exports also grew, calling it evidence of a broader improvement in Korea's export competitiveness. He added that the government would use available policy tools to help companies navigate shifting international trade conditions, including tariffs and nontariff barriers.