South Korea's exports rose for a ninth consecutive month in June, increasing by 5.1% from a year earlier to $57.07 billion. However, the growth missed analysts' forecasts of a 6.3% expansion. Chip exports surged 52.2% from a year ago thanks to price gains in memory chips, while car exports increased 3.8%. Sales to the U.S. and China jumped 16.8% and 5.4% year-on-year, respectively. Overseas shipments are expected to continue expanding in the second half of the year, supported by the global boom around AI and weak won [e24d1181].
South Korea's exports are expected to have risen for a ninth consecutive month in June, with semiconductor sales to the US leading the increase. Exports in June are forecast to have risen 6.3% from a year earlier, weaker than the 11.5% rise in May. The slower growth rate is attributed to unfavorable calendar effects, with fewer working days in June this year compared to the same month last year [d9c310b0].
In the first 20 days of June, exports rose 8.5%, with shipments of semiconductors jumping 50.2%. Exports to the US rose 23.5%, while those to China climbed 5.6% [d9c310b0].
Solid demand in the United States is seen leading demand for South Korean exports, with US-bound shipments now accounting for about 20% of the total. South Korea's trade balance is expected to post a surplus for the 13th straight month, with the median estimate at $5.24 billion, widening from $4.86 billion in May [d9c310b0].
Imports in June are expected to have fallen 2.2% from a year earlier [d9c310b0].