As the United States' tariff measures have taken effect, June exports have set a record for the highest export performance for the same month in history. Exports from Korea decreased by 1.3% in May compared to the previous year, but increased by 4.3% in June, successfully transitioning to positive growth in just one month. The core key product, semiconductors, recorded the highest performance ever, and automobile exports, which were subject to tariffs, also achieved record levels in June, driving overall exports.
According to the import and export trends announced by the Ministry of Trade, Industry and Energy on July 1, the export amount for the previous month was $59.8 billion, up 4.3% from the same month last year. The average daily export amount was $2.85 billion, an increase of 6.8% compared to the same month last year, primarily driven by increased exports of key items such as semiconductors, computers, automobiles, and ships.
Imports amounted to $8.55 billion, a decrease of 14.7% compared to the previous year. Energy imports decreased by 15.3% due to low oil prices, while non-energy imports increased by 2.4%, driven by semiconductor equipment (+27.6%).
The trade balance, calculated by subtracting imports from exports, recorded a surplus of $9.08 billion. Exports significantly increased compared to imports, resulting in an increase of $820 million compared to the same month last year. This is the largest surplus since the $9.62 billion recorded in September 2018.
◇Semiconductor exports reach $14.97 billion, the highest ever… influenced by the expansion of AI infrastructure
By item, in June, six out of the 15 major export items increased in exports. In particular, the export of semiconductors, the largest export item, reached an unprecedented $14.97 billion (+11.6%), continuing a positive trend for four consecutive months.
Exports of computers (including SSDs) increased by 15.2% to $1.33 billion, marking an increase for two consecutive months. An official from the Ministry of Trade, Industry and Energy noted, "Exports of information technology (IT) items such as semiconductors and computers increased due to the expansion of artificial intelligence (AI) infrastructure like data centers, as well as AI-equipped devices such as smartphones and laptops."
Automobile exports also recorded the highest performance for the same month ever. Focusing on hybrid and electric vehicles, exports in June increased by 2.3% to $6.3 billion. The export of automobile parts also transitioned to positive growth after one month.
In addition, ship exports increased by 63.4% to $2.5 billion, marking four consecutive months of growth, and biohealth exports rose by 36.5% to $1.66 billion, continuing an upward trend for five consecutive months. Exports of petroleum products ($3.62 billion) and petrochemicals ($3.36 billion) are showing a declining trend due to falling oil prices, decreasing by 2% and 15.5%, respectively.
◇Exports increased in seven major regions, although they decreased in the U.S. and China
By region, exports increased in seven out of nine major regions, excluding the two largest export markets, the United States and China. Exports to the U.S. decreased by 0.5% to $11.24 billion. Although exports of semiconductors, petroleum products, and biohealth increased, exports of automobiles and steel, which are subject to tariffs, decreased, resulting in a stable level compared to the previous year.
Exports to China decreased by 2.7% to $10.42 billion due to a decline in exports of semiconductors and general machinery. Exports to ASEAN were recorded at $9.76 billion, marking a 2.1% increase due to strong performance in semiconductors, ships, and steel products, transitioning to positive growth in just one month.
Exports to the European Union (EU) increased by 14.7% to $5.8 billion due to increases in exports of automobiles, auto parts, and petroleum products, marking four consecutive months of positive growth. Exports to India recorded $1.59 billion, an increase of 2.3%, achieving the highest performance for the month of June ever. Exports to the Commonwealth of Independent States (CIS) increased by 18.5% to $1.1 billion, continuing an upward trend for four consecutive months.
Exports to Latin America ($2.4 billion, +3.3%), Japan ($2.5 billion, +3.0%), and the Middle East ($1.9 billion, +14.8%) also turned positive. Additionally, exports to Taiwan, a major semiconductor exporting country, increased by 31.0% compared to the previous year, reaching $4.34 billion, marking the highest performance for the month of June ever.
Ahn Duk-geun, the Minister of Trade, Industry and Energy, evaluated that "despite unprecedented global trade and economic uncertainties due to the U.S. tariff measures, the slowdown in economic recovery, and the situation in the Middle East, our exports maintained last year's level" in the first half of this year.
He added, "In the second half, uncertainties surrounding the volatility of U.S. tariff policies and the pace of economic recovery are expected to persist," and stated that "the government plans to expedite export support measures that include trade finance supply and exploration of alternative markets to minimize the negative impact on our corporations, depending on the outcome of the Korea-U.S. negotiations."