Despite the impact of U.S. tariffs earlier this year, Korea’s exports increased by 0.8% in the first seven months of the year compared to the same period last year, totaling $395.5 billion. The Ministry of Trade, Industry and Energy announced this in a meeting to review export trends on the 19th. Key export items such as semiconductors, computers, wireless communication devices, bio-related products, and ships saw increased exports.
Year-on-year export growth rates include semiconductors (up 14.4% to $87.98 billion), computers (up 6.9% to $690 million), wireless communications (up 4.0% to $8.74 billion), ships (up 26.6% to $16.22 billion), and bio products (up 8.8% to $9.38 billion). In particular, semiconductor exports reached an all-time high for the January to July period, driven by increased investment in AI server infrastructure and rising memory prices.
Conversely, exports of automobiles, steel, and petroleum products declined. Auto exports to the U.S. decreased due to tariffs and increased local production, but exports to the EU and other regions increased, keeping overall auto exports steady. From January to July, auto exports to the U.S. decreased by 15% to $18.2 billion, while exports to the EU and CIS increased by 20% ($9.1 billion) and 54% ($3.6 billion), respectively.
Petroleum and petrochemical exports continued to decline due to low oil prices and global oversupply affecting product prices. Steel exports also decreased due to global economic slowdown and uncertainties from U.S. tariffs.
Park Jeong-seong, director of the Trade and Investment Office, said that the positive export performance amid challenging conditions such as U.S. tariffs and global protectionism is due to the efforts of dedicated companies. He emphasized the government’s commitment to support companies to adapt to the new trade environment and address on-site challenges to maintain export momentum in the second half of the year. He added that the government would closely communicate with export companies to understand the impacts of U.S. tariffs and would promptly implement measures such as discovering alternative markets and providing tax and financial support.