South Korea's exports soared to the second highest level in history in July, with semiconductor exports skyrocketing by nearly 180% year-on-year.

Driven by strong demand for storage chips, South Korea's exports in July soared nearly 63% year-on-year to $98.99 billion, setting the second-highest monthly export value in history, only behind June's $102.2 billion. Imports grew by 26.5% to $68.56 billion, resulting in a trade surplus of $30.32 billion. By sector, semiconductor exports skyrocketed 179% to $41 billion, surpassing the $40 billion mark for two consecutive months. Despite intensified competition, global prices for memory products remain elevated. Data shows that exports to the U.S. surged by 68.7% to reach $17.4 billion, driven by investment projects in AI data centers launched by large high-tech companies. Minister of Trade, Industry and Energy Lee Chang-yang stated that, buoyed by the strong performance of the semiconductor industry, 19 out of Koreas 20 major export categories achieved growth, demonstrating significant diversification in the export composition.