Last month, exports recorded $60.82 billion, up 5.9% compared to the same month last year. Despite the full implementation of U.S. tariffs, it has achieved the largest monthly export performance for two consecutive months, following June. This is attributed to the increase in exports of key items such as semiconductors, automobiles, and ships.
According to the export and import trends for July 2025 released by the Ministry of Trade, Industry and Energy on the 1st, last month's exports amounted to $60.82 billion, a 5.9% increase compared to the same month last year. The average daily export, considering the number of working days, also recorded a 5.9% increase at $2.43 billion.
Imports totaled $54.21 billion, up 0.7%. While energy imports ($9.67 billion) decreased by 11.3%, imports excluding energy ($44.55 billion) increased by 3.7%.
The trade balance, calculated by subtracting imports from exports, recorded a surplus of $6.61 billion. As exports increased significantly compared to imports, it rose by $2.99 billion compared to the same month last year. This is the largest surplus recorded for the same month since $6.89 billion in July 2018.
◇ Semiconductor exports hit the largest performance for the month… Increase in automobiles and ships
By product, in July, three of the 15 major export items increased in exports. In particular, exports of semiconductors, the largest export item, amounted to $14.71 billion (+31.6%), breaking the record for the largest performance for the same month, continuing a positive trend for five consecutive months.
Exports of automobiles, which are subject to U.S. tariffs, recorded $5.83 billion, an increase of 8.8%. This marks an increase for the second consecutive month, following June. Despite sluggish exports to the key market of the United States due to tariff effects, strong performance in exports of hybrid cars, internal combustion engine vehicles, and others were seen in major markets such as the European Union (EU), Commonwealth of Independent States (CIS), and Latin America.
Ship exports rose 107.6% to $2.24 billion due to the expansion of high value-added vessel exports such as tankers and liquefied natural gas (LNG) carriers, increasing for five consecutive months.
In contrast, exports of petroleum products ($4.21 billion) and petrochemicals ($3.75 billion) decreased by 6.3% and 10.1%, respectively, continuing a downward trend. This is due to the ongoing low oil prices and the impact of global oversupply, which have caused product prices to fall.
◇ Exports increased in six markets, including the U.S., despite a decrease in the largest market, China
Regionally, exports increased in six out of nine major regions, excluding the largest export market, China. Exports to China recorded $11.05 billion, a 3.0% decrease, due to a slowdown in exports of key items such as petrochemicals and wireless communication devices.
However, exports to the United States, along with China, increased by 1.4% to $10.33 billion. Despite decreases in many items such as steel and auto parts, the performance of other items outside the 15 main export items, such as semiconductors, wireless communication devices, cosmetics, and electrical devices, showed strength.
Exports to ASEAN increased significantly by 10.1% to $10.91 billion, driven mainly by a 1.5-fold increase in semiconductor exports, the largest export item.
Exports to the EU increased by 8.7% to $6.03 billion, showing increases in many major items such as automobiles, ships, and petroleum products. This marks a positive trend for five consecutive months.
Exports to the CIS amounted to $1.22 billion (+21.5%) and continued their upward trend for five months, while exports to Latin America ($2.68 billion, +4.4%) and India ($1.79 billion, +10.7%) increased for two consecutive months.
In addition to the nine major regions, exports of semiconductors to Taiwan, the largest export country for semiconductors, doubled, resulting in an overall increase of 68.0% to $4.66 billion. This marks the highest performance for July ever.
Minister Kim Jeong-kwan of the Ministry of Trade, Industry and Energy noted that, despite high external uncertainty surrounding exports in July ahead of the U.S. tariff imposition date (August 1), corporations exerted their utmost effort, resulting in exports maintaining a positive trend for two consecutive months following June.
He continued, stating that as a result of negotiations with the U.S., tariffs were concluded at levels lower or equal to competing countries, removing uncertainties in the export environment and providing conditions for export corporations to compete on equal or superior terms in the U.S. market. He added, "The government will actively support our export corporations to enhance competitiveness and diversify the market."