Seoul: South Korea's monthly exports soared to the second highest ever by moving up nearly 63 percent in July from a year earlier, data showed Saturday, amid solid global demand for memory chips.

According to Yonhap News Agency, outbound shipments reached US$98.89 billion in July, as reported by the Ministry of Trade, Industry and Resources. This figure was slightly below the record high of $102.2 billion posted in June. Imports also saw a significant increase, rising 26.5 percent on-year to $68.56 billion, which resulted in a trade surplus of $30.32 billion.

The semiconductor sector, considered the backbone of Asia's fourth-largest economy, saw exports rise by 179 percent over the period to $41 billion. This surge was driven by high global prices for memory products, despite intensified competition. Notably, the semiconductor export figure surpassed the $40 billion mark for the second consecutive month.

In addition to semiconductors, exports of automobiles increased by 7 percent to $6.2 billion, supported by robust global demand for hybrid and other eco-friendly models. The petroleum products sector also experienced growth, with outbound shipments jumping 34.1 percent to $5.68 billion, while exports of petrochemical products rose 10.3 percent to $4.18 billion.

By destination, South Korean exports to China nearly doubled to $21.68 billion, bolstered by strong shipments of chips, nonferrous metal products, and petroleum goods. Exports to the United States surged 68.7 percent to $17.4 billion, largely driven by investment in artificial intelligence (AI) data centers by major high-tech companies.