South Korea’s export figures shattered expectations last month, climbing at the fastest annual rate since October 1978 as surging demand for computer chips — powered by the worldwide boom in artificial intelligence spending — drove sales to record heights.
Preliminary trade data released Wednesday showed exports from Asia’s fourth-largest economy reached $102.25 billion in June, a 70.9% increase compared to the same month one year ago. That pace accelerated well beyond May’s already impressive 53.4% gain.
The result blew past the median forecast of 61.0% growth from a Reuters poll of economists, outperforming all 13 projections submitted.
Semiconductor exports were the standout driver, skyrocketing 199.5% to reach $44.8 billion. The achievement made South Korea only the fourth country in history to record monthly export totals exceeding $100 billion, joining Germany, China, and the United States, according to the country’s trade ministry.
Computer sales also exploded, rising 308.8% as major technology companies continued pouring money into AI infrastructure. Steel product exports ended a 13-month losing streak, rising 9.6% as data center construction projects fueled demand. Petroleum product exports climbed 49.8%, boosted by elevated oil prices.
Looking at where those goods were headed, shipments to China surged 92.1% and exports to the United States climbed 78.6%. Exports to the European Union increased 31.8%, while shipments to the Middle East declined 8.4%.
On the import side, South Korea brought in $66.10 billion worth of goods — a 30.1% increase from a year earlier, up from the 20.7% rise recorded in May. That exceeded the 26.3% growth economists had anticipated and represented the fastest import growth since May 2022.
The gap between exports and imports produced a monthly trade surplus of $36.15 billion, the largest ever recorded for the country.
