South Korea’s exports climbed 5.9% in July to a monthly record $60.8 billion, driven by unprecedented semiconductor demand that helped offset headwinds from the Trump administration’s trade policies.
Semiconductor shipments jumped 31.6% year-over-year to ₩19.7 trillion ($14.71 billion), marking the highest July figure on record. The surge reflects robust global appetite for high-bandwidth memory chips and DDR5 products essential for artificial intelligence applications, according to trade ministry data released Friday.
The performance comes as Seoul secured a last-minute trade agreement with Washington that reduced blanket tariffs to 15% from a threatened 25% rate. However, the deal requires South Korea to commit $350 billion in U.S. investments and purchase $100 billion in American energy products.
Auto exports presented a mixed picture, rising 8.8% overall to ₩7.8 trillion ($5.83 billion) but declining 1.7% to the U.S. market. Electric vehicle shipments to America plummeted 97.7% under existing tariffs.
For the first time since early 2024, the U.S. dropped to third place among South Korea’s export destinations, trailing China and ASEAN nations. Steel and machinery exports faced significant pressure from 50% and elevated U.S. duties respectively.
The July trade surplus reached ₩8.9 trillion ($6.61 billion), though analysts caution that tariff uncertainties could weigh on future performance despite the diplomatic reprieve.
