Reported 12 months ago
On July 1, 2024, South Korea's Ministry of Industry and Commerce Resources announced that chip exports in June hit a record high as overseas demand for chips not only continued but surged. The growth in exports also led to the manufacturing purchasing managers' index (PMI) in South Korea reaching a two-year high. Chip exports in June increased by 50.9% year-on-year to $13.4 billion, with AI demand boosting prices of DRAM and NAND flash memory, driving the increase in chip exports. Other IT product exports, such as displays, computers, and wireless communication devices, also saw growth for the fourth consecutive month. However, exports of automobiles, another important sector, decreased by 0.4% to $6.2 billion. South Korea's exports to the United States increased by 14.7% year-on-year to $11 billion in June, setting a new record for the same month. Exports to mainland China also saw a 1.8% yearly increase. South Korea's total exports in the first half of the year amounted to $334.8 billion, up 9.1% from the same period last year, with a trade surplus of $23.1 billion, the highest since 2018. Analysts are optimistic about South Korea's export growth in the second half of the year, fueled by AI demand and Apple's new product releases that will continue to rely on South Korean chips. The continued weak South Korean won against the US dollar also supports export growth.
Source: YAHOO