Seoul: South Korea's monthly exports soared to a new high by surpassing the US$100 billion mark for the first time in June, fueled by the record-breaking performance of the semiconductor sector, data revealed on Wednesday. Outbound shipments increased 70.9 percent year-on-year to $102.25 billion, as shared by the Ministry of Trade, Industry and Resources. Imports also saw a rise of 30.1 percent year-on-year to $66.1 billion, resulting in a trade surplus of $36.15 billion, marking the first instance of the monthly trade balance exceeding $30 billion.

According to Yonhap News Agency, South Korea has become the fourth nation globally to achieve the $100 billion export milestone, following the United States, Germany, and China. Semiconductor exports nearly tripled, reaching $44.82 billion, with monthly exports surpassing $40 billion for the first time due to burgeoning demand for memory chips. The ministry highlighted that exports of computer products soared over 300 percent to $5.41 billion as global tech giants expanded investment in artificial intelligence (AI) infrastructure.

Mobile device exports also saw a significant increase of 51.9 percent, reaching $1.55 billion amid rising demand for new smartphones. Data indicated that automobile exports grew by 5.8 percent to $6.71 billion as auto parts supply stabilized. Outbound shipments of petroleum products rose 49.8 percent to $5.59 billion due to higher prices, while petrochemical goods exports increased 18.8 percent to $4.07 billion. Other notable sectors included ships, displays, and steel products, with respective export increases of 12.9 percent, 37 percent, and 9.6 percent.

By destination, exports to China surged 92.1 percent to $20 billion, driven by robust growth in semiconductors, petrochemical products, machinery, and mobile devices. Exports to the United States also increased by 78.6 percent to $20 billion, propelled by expanding investment in AI servers. Outbound shipments to Southeast Asian nations climbed 86.6 percent to $18.3 billion, while exports to the European Union rose 31.8 percent to $7.62 billion.

In the January-June period, exports reached a record high, increasing 48.4 percent from a year earlier to $496.7 billion. Kang Kam-chan, a senior trade official, stated, "In a positive scenario, annual exports of 1 trillion won are not an unattainable target." The semiconductor exports surged 163 percent from a year earlier in the first half. Industry Minister Kim Jung-kwan noted, "South Korea was able to post a record export performance in the first half on the back of robust semiconductor exports driven by demand for AI servers."

The second half of the year, however, brings potential challenges, with factors such as U.S. tariff measures, oil price volatility, and the threat of a global economic slowdown. Minister Kim added that South Korea will endeavor to address these challenges through close coordination with its trading partners.