Exports extend gains to 9th straight month in June

Container boxes are stacked at a port in Busan, Sept. 1, 2022. Yonhap

Korea's exports extended on-year gains to the ninth straight month in June on the back of record performance of semiconductors, data showed Monday.

Outbound shipments rose 5.1 percent on-year to $57 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports shed 7.5 percent on-year to $49 billion last month, resulting in a trade surplus of $8 billion. South Korea has been maintaining a trade surplus for 13 consecutive months.

By sector, exports of semiconductors, the backbone of Asia's No. 4 economy, shot up 50.9 percent over the period to $13.4 billion. This marked eight consecutive months of on-year growth.

Exports of displays, computers and mobile devices also increased by 26.1 percent, 58.8 percent and 3.9 percent, respectively, on-year in June.

Outbound shipments of automobiles, on the other hand, edged down 0.4 percent to $6.2 billion due to fewer business days.

By destination, exports to the United States increased by 14.7 percent to $11 billion, the highest for any June. Exports to the world's top economy have been reporting fresh monthly highs since August last year.

Exports to China also gained 1.8 percent to $10.7 billion on-year, maintaining growth for four consecutive months.

Over the first six months of 2024, exports gained 9.1 percent from the previous year to $334.8 billion, while imports dropped 6.5 percent to $311.7 billion. The trade surplus came to $23.1 billion in the first half, marking the highest amount since $31.1 billion posted during the same period in 2018.

Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. (Yonhap)