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Korea’s exports in July grow 29.6% to $55.4 billion, hitting record high value 2021-08-02
The Ministry of Trade, Industry and Energy announced on August 1 that the value of Korean goods shipped overseas in July grew 29.6 percent to USD 55.4 billion, hitting the record high monthly export value.
Imports jumped 38.2 percent to $53.7 billion, resulting in a trade surplus of $1.8 billion.
Exports exceeded the $50 billion mark for five straight months. It is also the first time in 10 years that exports increased more than 20 percent for four straight months. Daily exports amounted to $2.3 billion, the highest value for the month of July on record.
Outbound shipments of all 20 major items posted growth.
Chip exports jumped 39.6 percent to $11.0 billion and increased for the 13th consecutive month. Due to new CPU releases, major data center companies are expanding servers, pushing up the demand for high-capacity DRAMs. Memory chip prices also went up as the demand from the mobile sector was robust.
Exports of automobiles increased 12.3 percent to $4.1 billion. Shipments to the Middle East significantly went up due to improved consumer sentiment and rising oil prices.
Those of computers totaled $1.5 billion, up 26.4 percent. Sales of solid state drives (SSDs) continued to grow as more people worked from home.
Korean goods shipped to all nine major export destinations increased.
Exports to China moved up 15.7 percent to $13.6 billion due to stronger demand for chips, petrochemicals, and displays.
Those to the U.S. climbed up 32.1 percent to $8.7 billion thanks to general machinery, semiconductors, and auto parts.
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