South Korea's trade data shows strong export growth, surplus in H1 of 2023
(MENAFN) South Korea's trade performance in the first half of 2023 exhibited notable trends, as exports surged by 9.1 percent year-on-year to reach USD334.8 billion, while imports declined by 6.5 percent to USD311.7 billion, according to recent data from the Ministry of Trade, Industry and Energy. This resulted in a trade surplus of USD23.1 billion for the first half, marking the highest surplus since the first half of 2018, when it reached USD31.1 billion.
A Korean news agency reported that June marked the ninth consecutive month of export growth, driven significantly by the stellar performance of semiconductor exports. June's exports totaled USD57 billion, up 5.1 percent year-on-year, according to data compiled by the Ministry of Trade, Industry and Energy. Meanwhile, imports in June decreased by 7.5 percent year-on-year to USD49 billion, resulting in a trade surplus of USD8 billion, marking Korea's 13th consecutive month of surplus.
Semiconductor exports, which are crucial to South Korea's economy, recorded robust growth in June, increasing by 50.9 percent year-on-year to USD13.4 billion, marking eight consecutive months of growth. Additionally, exports of display panels, computers, and mobile devices rose by 26.1 percent, 58.8 percent, and 3.9 percent year-on-year in June, respectively. However, exports of automobiles saw a slight decline of 0.4 percent to USD6.2 billion, attributed partly to fewer working days during the period.
The trade data underscores South Korea's resilience and competitive strength in key export sectors despite global economic uncertainties. The continued growth in semiconductor exports, coupled with diversification in other tech-related exports, has played a pivotal role in maintaining Korea's trade surplus momentum and supporting economic stability amid fluctuating global conditions.
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